Atlanta, Georgia-based Yuengling’s Ice Cream Corporation has entered into a definitive agreement to acquire all the equity of Revolution Desserts.
Yuengling’s signed a new letter of intent on April 20 and the execution of the definitive agreement is one more step in the process of closing the acquisition. Several closing conditions remain, such as SEC approval of Yuengling’s Reg 1-A, so the timing of the closing is unknown.
Founded by Robert Carlson and Luciano Vitali Alves, and is currently operated by Carlson and Charles Green, Revolution owns or licenses the Gelato Fiasco, Sweet Scoops, Art Cream and SoCo Creamery brands. Carlson and Green will remain with Yuengling’s following the closing.
Gelato Fiasco is a premium gelato product with two stores and is available in more than 600 retail locations. Sweet Scoops, a producer of natural frozen yogurts, is sold in Whole Foods, Roche Bros. and 100 other independent stores. Art Cream, an organic artisan ice cream with unconventional pairings, is currently sold in MOM’s Organic Market and other natural/organic retailers.
SoCo Creamery is an all-natural super-premium ice cream, gelato and sorbet distributed from Maryland to Maine in stores such as Whole Foods, Roche Bros, Big Y, Stop & Shop, other select retailers and four Sysco distribution centers.
“Chuck Green and I look forward to working with Rob to not only advance the Revolution brands but also get started on the expansion of Yuengling’s,” said Bob Carlson, president of Revolution. “We still have some work ahead of us, but we feel the five brands and combined management team are more valuable together, so we will continue working hard on the outstanding conditions needed for closing.”
Yuengling’s has been working with the SEC for the past several weeks to update its Reg 1-A and answer questions regarding the proposed acquisition.
“While we are anxious to move the transaction forward, we understand and appreciate that the SEC is doing its job to make sure investors are provided with the information needed to make an informed investment decision,” said Rob Bohorad, Yuengling’s president and CEO. “After considerable back and forth, we hope to receive SEC approval of our Reg 1-A soon.”
Yuengling’s Ice Cream was founded by Frank D. Yuengling in 1920 to help support the family brewery during prohibition, which lasted from January 1920 to December 1933. Spun off as a separate company from the brewery in 1935, Yuengling’s maintained a tradition of making gourmet ice cream products in central Pennsylvania.
The company discontinued production in 1985 when no family successor emerged. In 2014, the brand was revived. The Yuengling’s Ice Cream Corporation, as it has been since 1935, is a separately-owned and -operated company from D. G. Yuengling & Son Inc Brewery.
For more information, visit yuenglingsicecream.com.