Italian confectioner Ferrero said Wednesday it is acquiring Wells Enterprises, one of the largest U.S. ice cream makers, in a deal that will broaden both companies’ offerings.
Wells, a 100-year-old family-owned company based in Le Mars, Iowa, makes Blue Bunny, Halo Top and other brands. It employs 4,000 people and produces more than 200 million gallons of ice cream per year at plants in Iowa, New York and Nevada.
The Ferrero Group, which was founded in Italy in 1946 and is now based in Luxembourg, is also family owned. Its brands __ sold in more than 170 countries __ include Kinder, Nutella, Tic Tac and Ferrero Rocher. Ferrero has more than 38,000 employees.
Terms of the deal weren’t disclosed. It’s expected to close early next year.
Wells Enterprises will remain a stand-alone business, and the acquisition won’t immediately impact any jobs. Mike Wells, the company’s CEO and chief engagement officer and the grandson of the company’s founder, will serve as an adviser during the transition period. Wells Enterprises President Liam Killeen will become the company’s new CEO.
Mike Wells said Wednesday he met some of Ferrero’s leaders in 2019 on unrelated trip to Europe and sent them some ice cream samples in 2020. During virtual taste testing’s, Wells showed Ferrero how it could recreate some of the company’s treats using ice cream.
Mike Wells invited Ferrero’s leadership to an annual ice cream celebration in Le Mars in June, and the acquisition talks took off from there.