Ferrero to acquire American ice cream manufacturer Wells Enterprises
Italian confectionery giant Ferrero Group has agreed to acquire American ice cream manufacturer Wells Enterprises, its operations, and its ice cream brands.
The acquisition will strengthen Ferrero’s expansion agenda in North America and the businesses of two-family companies.
The terms of the transaction are not disclosed.
Ferrero expects the acquisition to accelerate its strategic growth plans for the ice cream segment and Wells Enterprises’ vision for quicker growth.
Giovanni Ferrero — Ferrero Group Executive Chairman, commenting on Ferrero acquisition of Wells Enterprises, said: “I am delighted that Wells has agreed to join the Ferrero Group.
“This represents a win-win partnership, bringing together ice cream experts and confectionery champions.
“Together, we have the power of one and are well placed to grow and compete in the ice cream market.”
The two-family companies Ferrero and Wells Enterprises have extensive expertise in confectionery and ice cream making and a strong portfolio of well-loved brands.
Founded in 1913 as a dairy delivery wagon business, Wells Enterprises has grown into a family-owned and managed ice cream manufacturer.
Commenting on Ferrero acquisition of Wells Enterprises, Mike Wells — Wells Enterprises CEO said: “We are a 100-year-old company focused on adapting for the next 100 years. Ferrero is a likeminded company with a commitment to providing high-quality, premium sweet-packaged food products that bring joy to consumers around the world.
“This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition.”
Post-closing, Wells Enterprises will remain an independent business with its offices in Le Mars, Iowa, and production operations in Le Mars, Henderson, Nevada, and Dunkirk New York.
Started in 1946 as a small pastry shop in Alba, Italy, Ferrero has transformed into a confectionery, biscuits, ice cream, and better-for-you-snacking manufacturer.
Ferrero brands include Nutella, Kinder, Tic Tac, and Ferrero Rocher.
As part of Ferrero’s expansion agenda in North America, the company acquired Ferrara Candy Company in 2017, Fannie May in 2017, former Nestlé U.S. confectionery business for $2.8 billion in 2018, and Kellogg company’s cookies and fruit snacks businesses for $1.3 billion in 2019.
Subject to customary closing conditions, the deal is expected to close in early 2023.