California, August 16, 2025
News Summary
Hilrod Holdings has acquired the iconic Thrifty Ice Cream brand for $19.2 million as part of Rite Aid Corp.’s bankruptcy proceedings. Founded in 1940, Thrifty is known for its original recipes and signature scoop style. Hilrod plans to maintain the current management team, introduce new flavors, and improve distribution while preserving the brand’s core identity. The acquisition also included assets related to KPH Healthcare Services. Supporters can expect the new and classic offerings to become available in retail locations soon.
California: Thrifty Ice Cream Acquired for $19.2 Million by Hilrod Holdings
Thrifty Ice Cream, a beloved ice cream brand known for its iconic presence on the West Coast, has been acquired by Hilrod Holdings for $19.2 million. This acquisition occurred amid the bankruptcy proceedings of Rite Aid Corp., which had owned the brand since 1996. Hilrod Holdings is owned by Hilton Schlosberg, CEO of Monster Energy, and former co-CEO Rodney Sacks, who is transitioning out of leadership roles.
The deal was finalized after Hilrod was officially named the successful bidder in court filings on June 26, and was subsequently approved by a federal bankruptcy judge on July 1. In addition to acquiring Thrifty Ice Cream, Hilrod also purchased assets related to KPH Healthcare Services.
Plans for Thrifty Ice Cream
Hilrod Holdings has outlined its intentions to maintain and grow the current management team of Thrifty Ice Cream as part of its revitalization strategy. The company aims to preserve the brand’s core identity by reconnecting with its long-time supporters while also appealing to new audiences. To this end, consumers can expect new flavors and packaging options to be released soon, all while keeping the original recipes and signature scoop style unchanged.
Thrifty Ice Cream products will continue to be available at existing retail locations, with plans for broader distribution expected to begin in the fall and into the following year. Moreover, manufacturing and logistical upgrades are planned to ensure product quality and availability, with a focus on long-term growth for the brand.
Historical Background of Thrifty Ice Cream
Founded in 1940 in West Hollywood, California, Thrifty Ice Cream quickly became a staple in the region by the 1970s, gaining significant celebrity endorsements along the way. In 1976, the production plant was relocated to El Monte, California, where it continues to operate to this day. The brand is known for using Real California Milk, and it still employs many of its original recipes.
Hilrod Holdings executives have relevant experience in revitalizing established brands, having previously transformed Hansen’s from a soda company into the recognized Monster energy drink powerhouse. These insights will likely facilitate Thrifty Ice Cream’s growth following the transition.
Conclusion
The acquisition of Thrifty Ice Cream by Hilrod Holdings marks a significant development for the iconic brand. With plans for enhancement while maintaining its classic identity, Hilrod aims to usher in a new era for one of California’s favorite ice cream brands.
FAQ
- Who acquired Thrifty Ice Cream?
- Thrifty Ice Cream was acquired by Hilrod Holdings for $19.2 million.
- Why was Thrifty Ice Cream sold?
- The acquisition took place during Rite Aid Corp.’s bankruptcy proceedings.
- What is Hilrod Holdings?
- Hilrod Holdings is an investment group owned by Hilton Schlosberg and Rodney Sacks.
- What are the future plans for Thrifty Ice Cream?
- Hilrod Holdings plans to maintain the current management, preserve core brand identity, and introduce new flavors and packaging.
- Will the original recipes change?
- No, the original recipes and signature scoop style will remain unchanged.
- When can consumers expect new flavors?
- New flavors and packaging options are expected to be launched soon, with wider distribution beginning in the fall and next year.
Key Features
| Feature | Details |
|---|---|
| Acquisition Price | $19.2 million |
| Buyer | Hilrod Holdings |
| Parent Company | Owned by Hilton Schlosberg and Rodney Sacks |
| Original Owner | Rite Aid Corp. |
| Initial Establishment | 1940 in West Hollywood, California |
| New Flavor Launches | Expected soon |
| Manufacturing Upgrades | Planned for product quality |
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Acquired
- AI News: Thrifty Ice Cream Expansion Plans
- SFGATE: Billionaires Buy Thrifty Ice Cream
- Food Dive: Monster Energy Buys Thrifty
- Retail Wire: Rite Aid and Thrifty Ice Cream
- Wikipedia: Thrifty Ice Cream
- Google Search: Thrifty Ice Cream
- Google Scholar: Thrifty Ice Cream
- Encyclopedia Britannica: Thrifty Ice Cream
- Google News: Thrifty Ice Cream
Author: Anaheim Staff Writer
Anaheim Staff Writer The Anaheim Staff Writer represents the experienced team at HEREAnaheim.com, your go-to source for actionable local news and information in Anaheim, 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 major conventions at the Anaheim Convention Center, including NAMM and VidCon, exciting games at Angel Stadium and Honda Center, and developments at Disneyland Resort Our coverage extends to key organizations like the Anaheim Chamber of Commerce and Visit Anaheim, plus leading businesses in hospitality, entertainment, and innovation that power the local economy As part of the broader HERE network, including HERECostaMesa.com, HEREHuntingtonBeach.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
