Lakeview Capital, Inc. Acquires My/Mochi Maker
An investment fund managed by Lakeview Capital, Inc., a Michigan-based family office, has closed its acquisition of The Mochi Ice Cream Co., makers of My/Mo Mochi Ice Cream and the largest branded manufacturer of mochi ice cream in North America. Lakeview Capital, Inc. acquired the company from Century Park Capital Partners.
Headquartered in Los Angeles, California, My/Mo Mochi Ice Cream is the creator of the mochi ice cream category and the leading national brand currently available in over 20,000 retailers throughout the United States. The company has over a 100-year history and is credited with creating mochi ice cream, a handheld, portion-controlled snack of premium ice cream wrapped in sweet, pillowy rice dough.
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Craig Berger, President and Chief Executive Officer of The Mochi Ice Cream Co., along with the management team, will remain with the company in their current roles under the new ownership. “Under Lakeview’s ownership, we are very excited to continue building on the incredible momentum we have generated,” Berger said. “Lakeview has a proven track record of success, and through our shared vision and collaboration, we will continue to grow and expand our business.”
Nestlé Moves to Create Global Leader in Ice Cream
Nestlé announced today that it has reached an agreement to sell its U.S. ice cream business to Froneri, an ice cream-focused joint venture Nestlé created in 2016 with PAI Partners, for a transaction value of USD 4 billion.
In 2016, Nestlé and PAI Partners merged Nestlé’s European ice cream business in 20 countries and PAI-owned R&R to create Froneri, one of the world’s largest ice cream companies.
With a portfolio of iconic brands, unparalleled ice cream knowledge and focus as well as an agile and entrepreneurial management style, Froneri has been able to achieve rapid sales and profit growth, steadily gaining market share and reaching a turnover of around CHF 2.9 billion in 2018.
Froneri, which already had operations in Europe, Latin America, Africa and Asia-Pacific will now have a strong presence in the U.S., the largest ice cream market in the world. The recent acquisitions of TipTop in New Zealand and Nestlé’s ice cream business in Israel have also increased Froneri’s growing global footprint.
Nestlé USA’s successful ice cream business comes with a high-caliber management team, marketing, manufacturing and sales/distribution capabilities. In 2018, turnover was USD 1.8 billion. With brands like Häagen-Dazs, Drumstick and Outshine, the business commands leadership in key ice cream categories, notably super premium.
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Commenting on the transaction, Mark Schneider, Nestlé CEO, said: “The creation of Froneri has been a phenomenal success. We are now making this business our global strategic partner in ice cream and are convinced that Froneri’s successful business model can be extended to the U.S. market. With this transaction, we are taking a decisive step towards our goal of achieving global leadership in ice cream.”
Ibrahim Najafi, Froneri CEO, said: “This is another milestone acquisition for Froneri as we drive towards becoming the world’s best ice cream company. We’re delighted to be bringing such well-loved U.S. brands into the Froneri family. The acquisition is testament to the strength and longevity of our relationship with Nestlé. This partnership and the continued support of PAI Partners will be essential to ensuring we continue to delight consumers with innovative, high quality products in all markets.”
Frédéric Stévenin, Partner at PAI Partners, said: “We are excited to bring Nestlé’s stellar U.S. ice cream business to Froneri. This is a great opportunity for further growth, building on the expertise of the world’s leading pure-play ice cream company.”
The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals. Nestlé will continue to manage its remaining ice cream businesses in Canada, Latin America and Asia as part of its current market structure.
Chloe’s Launches Dairy Free Dark Chocolate Dipped Pops, Nickelodeon Pops
By Lorrie Baumann
Chloe’s™ has expanded its line of Fruit Pops made from only fruit, water and cane sugar with new Dairy Free Dark Chocolate Dipped and Nickelodeon-branded Pops. “We created Chloe’s with kids in mind. At the outset, we were simply looking to offer a clean, delicious frozen treat that kids would love and parents would feel great about serving to their family,” said Founder Chloe Epstein.
She started the company in 2010 with a New York City store that competed with frozen yogurt shops with its line of Soft Serve Fruit made from just fruit, water and cane sugar. A downtown flagship store remains open, but the company has since shifted its focus to packaged retail products like the Fruit Pops. Starting in 2014, Chloe’s now offers nine core varieties that had been popular in the New York shop: Mango, Strawberry, Dark Chocolate, Blueberry, Cold Pressed Coffee fueled by La Colombe, Raspberry, Pomegranate, Tangerine and Pineapple.
With the new introductions, that line has expanded to include Banana, Strawberry and Dark Chocolate Pops dipped in Dairy Free Dark Chocolate. The Dark Chocolate Dipped Pops are also rolled in a quinoa puff, so they’re crunchy, while still being gluten free like the rest of the line.
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The original line of Chloe’s Fruit Pops are sold in packages of four 2.5-ounce Pops that retail for about $3.99. The Dairy Free Dark Chocolate Dipped Pops are also sold in boxes of four, and they retail for about $4.99. The Nickelodeon-branded products are sold in boxes of 10 1.5-ounce pops that retail for about $3.98 to $6.99.
The Dark Chocolate Dipped are shipping now, while Nickelodeon Pops should be reaching markets early this month.
