Wells to expand ice cream business
Wells, US-based producer of Blue Bunny ice cream, has intiated plans to raise money for the expansio…Wells, US-based producer of Blue Bunny ice cream, has intiated plans to raise money for the expansion through loans instead of selling its stake.
The company plans to remain private and family-owned. Although it previously planned to expand the business by selling its stake, it later chose to expand the business with loans.
Wells, which produces about 500 flavors distributes its products across 50 states, is aiming to increase its revenue by 2020. Since the company has started the production of ice cream in 2006, its share of about $10bn has increased and current annual revenue is about $1.1bn, reported therepublic.com.
Commenting on the expansion Wells official Dave Smetter said that the company is planning for funds through loans because of their low interest rates.
Wells now competes with Switzerland-based Nestle's and a Dutch company Unilever.
