Monster Beverage Founders Buying Thrifty Ice Cream From Rite Aid
Rite Aid, the pharmacy chain going through a Chapter 11 bankruptcy reorganization, reportedly has found a bidder for its Thrifty ice cream brand: Hilrod Holdings, a portmanteau of the founders of Monster Beverage Corp.
According to a story on Fast Company, the limited partnership linked to Hilton Schlosberg and Rodney Sacks will pay $19.2 million for Thrifty’s assets. That partnership is mostly known for its real estate investments.
Thrifty ice cream, which began in the Los Angeles-based Thrifty Drug Store chain acquired by Rite Aid, is available at scoop counters located inside many Rite Aid locations in addition to being sold in packages by retailers on the West Coast.
It was not immediately clear what Hilrod plans to do with Thrifty should the sale be approved by the court, said Fast Company. A hearing on the matter is scheduled for June 30.
Schlosberg and Sacks were founders of Monster Beverage and had been co-CEOs until Sacks’ retirement last month. Schlosberg continues as CEO.
Meanwhile, Rite Aid has been under bankruptcy protection since early May and is in the process of closing most of its 1,000 stores.
About the Author
Dave Fusaro
Editor in Chief
Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.