April 20, 2014 10:21 PM ET

Food Products

Company Overview of Wells Enterprises, Inc.

Company Overview

Wells Enterprises, Inc. produces, markets, and sells ice creams, frozen novelties, and frozen desserts in the United States. It also offers frozen yogurts. The company offers its products through grocery, convenience, and club stores; supermarkets and military commissaries; vending outlets, such as neighborhood ice cream trucks and events; and foodservice settings, such as educational institutions, hospitals, and restaurants. Wells Enterprises, Inc. was formerly known as Wells' Dairy, Inc. and changed its name to Wells Enterprises, Inc. in March 2011. The company was founded in 1913 and is headquartered in Le Mars, Iowa with ice cream plants in Le Mars, Iowa; and St. George, Utah.

1 Blue Bunny Drive SW

Le Mars, IA 51031-2207

United States

Founded in 1913

Phone:

712-546-4000

Fax:

712-546-1782

Key Executives for Wells Enterprises, Inc.

Chief Executive Officer and President
Chief Financial officer and Senior Vice President
Senior Vice President of Legal Affairs and General Counsel
Senior Vice President of Human Resources
Senior Vice President of Sales
Compensation as of Fiscal Year 2013.

Wells Enterprises, Inc. Key Developments

Wells Enterprises Concludes Strategic Review; To Lay Off 58 Eorkers

Wells Enterprises, Inc. concluded the six-month "comprehensive strategic process" in November 2013, opting to pursue its bid for industry dominance by raising capital from outside partners. Wells Enterprises announced the elimination of 58 of its 2,500 positions in response to what it called "a challenging economic environment."

Wells Enterprises Not Selling Stake In Business

Wells Enterprises Inc. intends to raise funds for expansion through conventional loans and not by selling a stake in the company. The Sioux City Journal reports that the company released a statement on November 14, 2012 saying that it will remain a private, family-owned company. Wells wants to double revenues by 2020 and had considered selling an interest in the business to raise money needed for such an expansion.

Wells Enterprises Is Up For Sale

Wells Enterprises Inc. is up for sale and has hired J.P. Morgan Chase & Co for the auction, according to people familiar with the matter. Oaktree Capital Management, L.P. has reportedly shown the interest. No strategic buyers were found interested, people familiar with the deal added. First round bids were due in late June 2012, but it is not clear who made it through second round of the transaction. Wells Enterprises is expected to receive about $500 million. Wells acknowledged it had begun a strategic review and was looking to raise money. “The process is expected to be completed by year-end,” Wells added. Dave Smetter, Vice-President of Marketing and Communications at Wells, did not rule out a sale. According to financial times, JPMorgan and Oak Tree declined to comment.

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