Bubbies Homemade Ice Cream & Desserts has been acquired by Chicago-based investment firm Kenex Holdings for an undisclosed sum.
Headquartered in Aiea, Hawaii and founded in 1985, Bubbies makes mochi ice cream sold across the US and select countries.
Bubbies’ ice cream products are distributed in Mexico, France, Russia, Norway, Sweden, Switzerland, the UAE and Saudi Arabia.
Following the acquisition, its founder Keith Robbins will continue as an important investor in the ice cream company besides retaining his unofficial title of "Mr. Bubbie" in industry trade shows in the future.
Robbins said: “Kenex is the perfect fit with Bubbies' culture and this partnership will allow Bubbies to continue to grow and spread joy and peace through mochi. I believe this transaction will benefit our staff and our customers--a paramount goal of mine as I begin to transition into retirement.
“I am thankful that Kenex shares my passion for the product and vision for Bubbies so that the company can perpetuate its vision and goals.”
Kenex stated that Rick Schaffer will take over as the CEO of Bubbies besides leading a group of other industry experts to operate it. Schaffer had recently served as the retail sales VP of the Greek and Mediterranean food company Grecian Delight.
Kenex partner Nick Kuneman said: “Keith has built a phenomenal company and brand that possesses a product that is second-to-none in the market.
“Kenex has a proven strategy of working with family-owned companies to navigate leadership transition. With Rick's leadership, we have built out a team of active operators and managers as well as an experience-rich advisory board that will foster continued growth and success.”
Bubbies is Kenex’s second acquisition in the frozen segment after Imperial Frozen Foods in 2014.
