California, August 16, 2025
News Summary
Thrifty Ice Cream has been acquired by Hilrod Holdings for $19.2 million amid Rite Aid Corp.’s bankruptcy proceedings. The investment group plans to revitalize the iconic brand while preserving its core identity. Consumers can expect new flavors and updated packaging, while retaining original recipes. Hilrod aims to improve manufacturing and logistics to enhance product availability and distribution. As it transitions leadership, the future looks promising for this West Coast staple.
California – The iconic West Coast ice cream brand, Thrifty Ice Cream, has officially been acquired by the investment group Hilrod Holdings for $19.2 million. This acquisition comes in the midst of Rite Aid Corp. facing bankruptcy proceedings, underlining a significant transition for the well-loved brand.
Hilrod Holdings, owned by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks, was confirmed as the successful bidder during court proceedings. The deal was finalized after a federal bankruptcy judge approved it on July 1, 2023, following the announcement on June 26 that Hilrod had emerged as the leading bid.
In addition to Thrifty Ice Cream, Hilrod Holdings has also purchased assets associated with KPH Healthcare Services. Moving forward, Hilrod aims to retain the current management team at Thrifty, emphasizing a revitalization strategy that will focus on preserving the brand’s core identity. This includes reconnecting with longtime customers while also appealing to new audiences.
Consumers can look forward to exciting changes, including the introduction of new flavors and updated packaging. However, the original recipes and its signature scoop style will remain intact, ensuring that classic Thrifty Ice Cream tastes continue to delight loyal customers. The ice cream will still be available at its current retail locations, with plans for expanded distribution set to roll out in the fall and throughout next year.
To enhance product quality and availability, Hilrod has announced upcoming upgrades to manufacturing and logistics, aiming for long-term growth. These initiatives are intended to bolster the brand’s presence and streamline distribution to meet increasing consumer demand.
Thrifty Ice Cream was established in 1940 from a small factory in West Hollywood, California. Over the decades, especially by the 1970s, it became a staple on the West Coast, attracting the support of several celebrities. The production facility was moved to El Monte, California in 1976, where operations continue today. All Thrifty Ice Cream products are made with Real California Milk, and many of the original recipes remain in use.
The executives at Hilrod Holdings bring a wealth of experience in brand revitalization. Notably, they previously transformed Hansen’s from a traditional soda brand into the powerful Monster energy drink, laying down a successful blueprint for similar initiatives with Thrifty Ice Cream.
As Hilrod’s leadership transitions, with Sacks planning to step down while Schlosberg continues as CEO, the future appears promising for Thrifty Ice Cream, ensuring that the brand’s legacy will endure amidst the changing landscape of the ice cream market.
FAQ Section
What is the significance of Hilrod Holdings acquiring Thrifty Ice Cream?
Hilrod Holdings acquiring Thrifty Ice Cream signifies a strategic move to revitalize and preserve the brand, particularly during Rite Aid’s bankruptcy proceedings.
When was the acquisition finalized?
The acquisition was finalized on July 1, 2023, following a successful bidding process that concluded on June 26, 2023.
What changes can customers expect?
Customers can expect new flavors and updated packaging, while the original recipes and scoop style will remain unchanged. The distribution network is also set to expand.
How will production and distribution improve?
Hilrod Holdings plans to implement upgrades in manufacturing and logistics to enhance product quality and availability for consumers.
Who are the owners of Hilrod Holdings?
Hilrod Holdings is owned by Hilton Schlosberg and Rodney Sacks, both of whom have significant experience in brand management with Monster Energy.
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Acquired
- Ainvest: Owners of Thrifty Ice Cream Plan to Expand
- SFGate: Billionaires Buy California Ice Cream Brand
- Food Dive: Monster Energy Execs Purchase Ice Cream Business for $192M
- 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: STAFF HERE HOLLYWOOD
The Hollywood Staff Writer represents the experienced team at HEREHollywood.com, your go-to source for actionable local news and information in Hollywood, Los Angeles 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 the Hollywood Bowl summer concerts, the Hollywood Christmas Parade, film premieres at TCL Chinese Theatre, and festivals at the Magic Castle. Our coverage extends to key organizations like the Hollywood Chamber of Commerce and Visit Hollywood, plus leading businesses in entertainment, dining, and tourism that define the local economy. As part of the broader HERE network, including HERELosAngeles.com, HEREBeverlyHills.com, HEREAnaheim.com, and HEREHuntingtonBeach.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
