California, August 16, 2025
News Summary
California’s iconic Thrifty Ice Cream brand has been acquired by Hilrod Holdings for $19.2 million during Rite Aid Corp.’s bankruptcy proceedings. Led by Monster Energy’s CEO, the new ownership promises to maintain the brand’s core identity while introducing new flavors and packaging. Existing retail locations will continue to offer Thrifty Ice Cream, with plans for wider distribution and operational upgrades. Thrifty, established in 1940, is known for its use of Real California Milk and has a storied history as a beloved staple among West Coast consumers.
California has witnessed a significant change in the ice cream industry with the acquisition of the beloved Thrifty Ice Cream brand by investment group Hilrod Holdings for $19.2 million. The deal took place during the bankruptcy proceedings of Rite Aid Corp., who originally purchased the Thompson Ice Cream for $50 million in 1996. Hilrod Holdings is helmed by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks.
The acquisition was confirmed after Hilrod was named the successful bidder in court documents filed on June 26. A federal bankruptcy judge approved the transaction shortly after on July 1. In addition to Thrifty, Hilrod also acquired assets related to KPH Healthcare Services.
The new owners plan to not only maintain but also grow the current management team of Thrifty Ice Cream. Hilrod Holdings aims to energize the brand’s presence while preserving its core identity. Consumers can anticipate new flavors and packaging options soon, while the original recipes and signature scoop style will remain intact.
Thrifty Ice Cream will continue to be offered at its existing retail locations. Looking ahead, there are plans for wider distribution beginning this fall and expanding into next year. Furthermore, the acquisition will facilitate manufacturing and logistical upgrades, essential to ensuring product quality and availability, targeting long-term growth for the iconic brand.
Established in 1940 in West Hollywood, California, Thrifty Ice Cream rapidly became a favorite among West Coast consumers. By the 1970s, it was well-known as a staple, frequently endorsed by celebrities. In 1976, the ice cream plant relocated to El Monte, California, where it operates to this day. All Thrifty Ice Cream products utilize Real California Milk and many of the original recipes are still employed today.
Hilrod Holdings brings considerable experience in revitalizing brands, evidenced by their successful transformation of Hansen’s from a soda brand into the powerful Monster energy drink empire. Following the acquisition, Sacks will be stepping down as co-CEO of Monster to facilitate a smooth transition, while Schlosberg will retain his position as CEO.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Purchase Price | $19.2 Million |
| New Owners | Hilrod Holdings |
| Original Owner | Rite Aid Corp. |
| First Established | 1940 |
| Core Product | Real California Milk Ice Cream |
| Future Plans | New flavors, better distribution, and product upgrades |
Frequently Asked Questions
1. Who acquired Thrifty Ice Cream?
Thrifty Ice Cream was acquired by Hilrod Holdings, led by Hilton Schlosberg and Rodney Sacks.
2. What was the purchase price for Thrifty Ice Cream?
The brand was purchased for $19.2 million.
3. What changes can consumers expect?
Consumers can look forward to new flavors and packaging options while the original recipes and scoop style will remain the same.
4. Where can Thrifty Ice Cream be purchased?
Thrifty Ice Cream will continue to be available at its current retail locations, with plans for wider distribution soon.
5. What is the history of Thrifty Ice Cream?
Thrifty Ice Cream was started in 1940 in West Hollywood and was considered a West Coast staple by the 1970s.
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Acquired
- Wikipedia: Ice Cream
- Ainvest: Thrifty Ice Cream Plans for Expansion
- Google Search: Thrifty Ice Cream
- SFGate: Billionaires Buy Thrifty Ice Cream
- Encyclopedia Britannica: Ice Cream
- Food Dive: Monster Energy Acquires Ice Cream Business
- Google Scholar: Thrifty Ice Cream Acquisition
- WFAA: Popular Ice Cream Brand Sold
- Google News: Thrifty Ice Cream Acquisition
- KTLA: Popular Ice Cream Brand Sold
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, 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 the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
