Ice cream cone brand Joy Cone has acquired BoDeans Baking Group for undisclosed sum in a bid to expand its business.
BoDeans Baking is a major player in the novelty ice cream cone, wafer, and inclusion market.
Joy Cone president and CEO David George said: "BoDeans Baking Group's manufacturing excellence in wafers and cookie inclusions is a particularly exciting area of growth, as the combined company continues its expansion and offers a range of unique specialty bakery items to a greatly enhanced customer base.”
The new Joy Cone Company will be 100% owned by its employees through an employee stock ownership plan (ESOP) plan.
George said: "As BoDeans Baking Group's employees become part of Joy Cone Company, they are becoming actual owners in the company as well.”
Besides BoDeans Baking acquisition, Joy Cone has bought Altesa, a major ice cream cone producer in Mexico.
Joy Cone said that Altesa's new facility near Mexico City is “well-positioned” for growth throughout Mexico and Central America.
Duff & Phelps acted as financial advisor to Joy Cone in the transaction.
George said: "We welcome all of our new employees in the US and Mexico into the Joy Cone family, and express our strong commitment to all of our combined customers, suppliers and all other stakeholders.”
Since 1918, Joy Cone has been involved in making ice cream cones, with an annual production capacity of over 1.5 billion cones.
It offers a wide range of ice cream cones for grocery stores and food service chains and distributors throughout the United States and Canada.
