Dippin’ Dots, LLC, a newly-formed company based in Oklahoma City and funded by private capital, has finalized its acquisition of Dippin’ Dots, Inc, the Kentucky-based manufacturer of the popular flash-frozen ice cream.
The acquisition closed on Friday after the U.S. Bankruptcy Court in Louisville, Kentucky, approved the purchase earlier this month.
“The acquisition process went smoothly,” says Scott Fischer, president of Dippin’ Dots, LLC. “Dippin’ Dots is an outstanding brand, and thanks to the continued dedication of our Dippin’ Dots employees, we are in a unique position to reconstruct the business model of one of the most recognizable brands in the retail market and to realize growth on an international scale.
“We have set internal milestones for substantial growth within the first year. Presently, there are more than 1,600 Dippin’ Dots locations worldwide. By the close of 2012, the company plans to raise that number to 2,000.”
Dippin’ Dots, LLC, will maintain its headquarters in Paducah, Kentucky, where approximately 165 people are employed at their production facility.
The company sells the ice cream to theme parks, concert, and sports venues and to a network of more than 125 franchisees nationwide. Dippin’ Dots also sells internationally to customers and licensees in Canada, Europe, South Korea, Brazil, Japan, and Australia.
Dippin’ Dots Founder and CEO Curt Jones commented on the company’s new ownership.
“When I had the idea for Dippin’ Dots, I knew we had something special, and we saw a lot of early success after starting the company in 1988,” he says.
“Although recent financial limitations have curtailed the company’s growth, the new ownership has brought with them a dedication to exploring new opportunities with us, while maximizing profitability. Their commitment to our concept, our employees, and to the brand’s growth at national and international levels, speaks well for the future of Dippin’ Dots.”
“Dippin’ Dots has a legacy it can be proud of, a legacy supported by its impressive popularity among consumers,” Fischer says. “My job is to make sure we take a focused approach to elevating the business and delivering this exceptional product to consumers worldwide.
“To that end, we have acquired the Dippin’ Dots franchising business and a portion of the international business to complement our acquisition of Dippin’ Dots, Inc. By doing so, we have assembled a complete package with which we can move forward and grow. We look forward to reinvigorating the brand and introducing new products to the market.”
Harpeth Capital served as investment banker to Dippin’ Dots, Frost Brown Todd served as legal counsel to Dippin’ Dots, and McAfee & Taft served as legal advisor to the buyer. Greg Charleston, from the financial consulting firm of Conway MacKenzie, served as chief restructuring officer of Dippin’ Dots throughout the sale process.
