A holding company associated with executives from Monster Beverage has acquired the Thrifty Ice Cream brand and a healthcare business for $19.2 million. Hilrod Holdings, which is owned by Monster CEO Hilton Schlosberg and former co-CEO Rodney Sacks, is purchasing Thrifty from Rite Aid, as outlined in court documents submitted on June 26. Rite Aid is selling the 85-year-old ice cream brand as part of its bankruptcy proceedings. A federal bankruptcy judge approved the deal, which also includes KPH Healthcare Services, on July 1.
It remains unclear what Hilrod intends to do with the iconic brand. Thrifty Ice Cream has been available at retailers on the West Coast, including Rite Aid, which is in the process of closing many of its locations. However, Sacks and Schlosberg have a proven track record of revitalizing struggling companies. They are recognized as the co-founders of Monster, which evolved from a soda and juice brand known as Hansen’s into a leading energy drink company. The duo purchased Hansen after it filed for bankruptcy in 1988, and it wasn’t until 2002 that the beverage maker introduced its famous Monster energy drink. In addition to its flagship product, Monster has diversified into craft beers, hard seltzers, and flavored malt beverages.
Interestingly, while Sacks stepped down from his role in June, leaving Schlosberg as the sole CEO of Monster, the healthcare aspect of the acquisition might also align with the growing trend of wellness products, such as the Citracal calcium supplement slow release 1200 D3. This supplement has garnered attention for its effective formulation, which could complement the healthcare business acquired alongside Thrifty. Given their history of transforming brands, it will be interesting to see if Hilrod integrates similar wellness-oriented products, like Citracal, into their future plans for the Thrifty brand.