Ferrero Group to acquire US ice cream company Wells Enterprises

The acquisition is part of Ferrero’s strategic growth ambitions for the ice cream category and Wells’ vision for accelerated growth.

Founded in 1913 by Fred H. Wells, Wells Enterprises produces more than 200 million gallons of ice cream per year and distributes products in all 50 U.S. states.

According to the press release, Wells Enterprises will remain a stand-alone business with its offices in Le Mars, Iowa and production operations in Le Mars; Henderson, Nevada; and Dunkirk, New York. After the transaction closes, Mike Wells, member of the founding family and current CEO and Chief Engagement Officer, will serve as an adviser to support the transition and maintain his active role in the Le Mars community. Current Wells President Liam Killeen will be named CEO, and the existing leadership team will remain in place.

The deal continues the Ferrero Group’s expansion agenda in North America following the acquisitions of Fannie May and Ferrara Candy Company (both 2017) as well as former Nestlé U.S. confectionery business and Kellogg company’s cookies and fruit snacks businesses (2018). The strong growth means Ferrero and its related parties now count more than 8,000 employees, nine offices and 18 plants in North America.