A holding company linked to top executives at Monster Beverage recently acquired the iconic Thrifty Ice Cream brand along with a healthcare business for $19.2 million.
The purchasing entity, known as Hilrod Holdings, is owned by Hilton Schlosberg, CEO of Monster, and Rodney Sacks, former co-CEO of Monster. The acquisition of Thrifty from Rite Aid was finalized as part of Rite Aid’s bankruptcy proceedings, as per court documents dated June 26.Read more.
Rite Aid decided to sell the 85-year-old ice cream brand amidst its financial challenges, with the transaction also including KPH Healthcare Services. The sale was officially approved by a federal bankruptcy judge on July 1. Learn more
The future plans for the Thrifty brand under Hilrod Holdings remain undisclosed. Thrifty Ice Cream has been a staple on the West Coast, primarily sold at retailers like Rite Aid, which is currently undergoing store closures.
Both Sacks and Schlosberg are recognized for their success in revitalizing struggling companies. They played pivotal roles in the transformation of Hansen’s, a bankrupt soda and juice provider, into the thriving energy drink giant known as Monster.
After acquiring Hansen post-bankruptcy in 1988, Monster introduced its popular energy drink in 2002, propelling the brand to new heights. In addition to the flagship beverage, Monster has diversified into craft beers, hard seltzers, and flavored malt beverages.
Sacks recently stepped down from his executive role in June, leaving Schlosberg as the sole CEO of Monster.