California, August 16, 2025
News Summary
West Coast ice cream staple Thrifty Ice Cream has been acquired for $19.2 million by Hilrod Holdings amid Rite Aid’s bankruptcy process. This acquisition marks a fresh start for the beloved brand, which was founded in 1940. Hilrod aims to preserve the original recipes while introducing new flavors and expanding distribution. With plans to grow the brand under its ownership, Thrifty Ice Cream will continue to be available at existing locations, with an innovative approach to marketing and product offerings expected in the coming year.
Thrifty Ice Cream Acquired for $19.2 Million Amid Rite Aid Bankruptcy
California – Iconic West Coast ice cream brand Thrifty Ice Cream has been acquired by the investment group Hilrod Holdings for $19.2 million. The acquisition comes during Rite Aid Corp.’s bankruptcy proceedings and signifies a new chapter for the beloved ice cream maker.
Hilrod Holdings is backed by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks. The deal was finalized after Hilrod was named the successful bidder in court documents filed on June 26. A federal bankruptcy judge approved the transaction on July 1, allowing the investment group to officially take ownership.
In addition to acquiring Thrifty Ice Cream, Hilrod Holdings also purchased assets from KPH Healthcare Services, which expands their portfolio in the healthcare sector. The executives at Hilrod plan to maintain and grow the current management team at Thrifty Ice Cream while implementing strategies to revitalize the brand.
Plans for the Future
Under Hilrod’s ownership, Thrifty Ice Cream aims to preserve its core identity while reconnecting with devoted fans and reaching new audiences. Consumers can expect the introduction of new flavors and packaging options in the near future. However, the company has assured that the original recipes and signature scoop style that customers have known and loved will remain unchanged.
The ice cream brand will continue to be available at its existing retail locations, with plans for wider distribution expected to commence in the fall and throughout next year. Manufacturing and logistical upgrades are also on the horizon, aimed at enhancing product quality and availability while targeting long-term growth.
Thrifty Ice Cream’s Rich History
Founded in 1940 at a small factory in West Hollywood, California, Thrifty Ice Cream has been a staple in the West Coast dessert landscape. By the 1970s, the brand garnered significant popularity, even receiving endorsements from various celebrities.
The ice cream plant was relocated to El Monte, California, in 1976, where it remains operational today. All Thrifty Ice Cream products are made with Real California Milk, and many of the original recipes from the brand’s inception are still in use.
Hilrod Holdings’ leadership has a track record of revitalizing brands. The executives previously transformed Hansen’s from a soda company into the powerhouse of the Monster energy drink industry. As part of the transition into the future of Thrifty Ice Cream, Rodney Sacks will resign as co-CEO of Monster but will transition out of leadership, while Hilton Schlosberg will continue as CEO.
Conclusion
With this acquisition, Thrifty Ice Cream aims not only to maintain its tried-and-true offerings but also to innovate and grow the brand after years under Rite Aid’s ownership. As the company prepares to launch new products and expand its reach, it looks to honor the legacy that has made it a cherished dessert choice across the West Coast.
FAQ Section
Who has acquired Thrifty Ice Cream?
What are the plans for Thrifty Ice Cream under Hilrod Holdings?
When will Thrifty Ice Cream products be available in more locations?
What is the history of Thrifty Ice Cream?
Summary of Key Features
| Feature | Detail |
|---|---|
| Acquirer | Hilrod Holdings |
| Purchase Price | $19.2 million |
| Parent Company | Monster Energy |
| Original Acquisition Year | 1996 by Rite Aid |
| Manufacturing Location | El Monte, California |
| Product Integrity | Real California Milk, original recipes preserved |
| Future Innovations | New flavors and packaging |
| Wider Distribution | Planned for fall and next year |
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Acquired for $19.2 Million Amid Rite Aid Bankruptcy
- AI News: Owners of Thrifty Ice Cream Plan Expansion and Modernization
- SFGate: Billionaires Buy California Ice Cream Brand
- Food Dive: Monster Energy Execs Purchase Ice Cream Business for $192M
- Retail Wire: Rite Aid Sells Thrifty Ice Cream
- Wikipedia: Ice Cream
- Google Search: Thrifty Ice Cream
- Google Scholar: Thrifty Ice Cream
- Encyclopedia Britannica: Thrifty Ice Cream
- Google News: Thrifty Ice Cream
Author: STAFF HERE MISSION VIEJO WRITER
MISSION VIEJO STAFF WRITER The MISSION VIEJO STAFF WRITER represents the experienced team at HEREMissionViejo.com, your go-to source for actionable local news and information in Mission Viejo, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Oso Fit 5K Fun Run and Community Health Fair, Walk Against Drugs & Community Fair, and National Night Out. Our coverage extends to key organizations like the Mission Viejo Chamber of Commerce and Providence Mission Hospital Mission Viejo, plus leading businesses in retail and education that power the local economy such as The Shops at Mission Viejo, Capistrano Unified School District, and Amazon Delivery Station. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
