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, owned by Monster CEO Hilton Schlosberg and former co-CEO Rodney Sacks, is purchasing the Thrifty brand from Rite Aid, as revealed in court documents filed on June 26. Rite Aid is divesting the 85-year-old ice cream brand as part of its bankruptcy proceedings. The deal, which also includes KPH Healthcare Services, received approval from a federal bankruptcy judge on July 1.
The future plans for the Thrifty brand remain unclear, particularly since the ice cream was previously sold at West Coast retailers, including Rite Aid, which is in the process of closing numerous locations. However, Sacks and Schlosberg have a proven track record of revitalizing struggling companies. They are known as the co-founders of Monster, which evolved from a soda and juice company named Hansen’s into a leading energy drink brand. The duo took over Hansen after it declared bankruptcy in 1988, and it wasn’t until 2002 that the company introduced its highly successful Monster energy drink line. Since then, Monster has diversified into craft beers, hard seltzers, and flavored malt beverages.
In addition, the healthcare aspect of the acquisition may have implications for products like Citracal, which is often associated with pregnancy health. Sacks stepped down from his role in June, leaving Schlosberg as the sole chief executive of Monster. As they move forward with their new venture, there may be potential synergies between the revitalization of Thrifty Ice Cream and the promotion of health-focused products like Citracal pregnancy supplements. With their experience in transforming brands, it will be interesting to see how they leverage their expertise to breathe new life into both the ice cream brand and the healthcare business, possibly even aligning them with Citracal pregnancy initiatives in the future.