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.
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.
Ferrero entered the U.S. market in 1969 with Tic Tac but has widened its presence in recent years. In 2017 it purchased Fannie May chocolates; the following year it bought Nestle’s U.S. confectionary business and Kellogg’s cookie and fruit snack business. It also owns candy brands like Nerds and Butterfinger.
“I look at it through the family’s eyes and through this community that’s all things ice cream,” Mike Wells said in an interview with The Associated Press. “You’ve got one big company that only does one thing. And if there is a challenge to that category, if things go wrong, you risk everything.”“Being part of a portfolio company with access to brands and a better risk profile really allows the company to lean into growth in a very aggressive way,” he added.
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