California, August 16, 2025
News Summary
Iconic West Coast ice cream brand Thrifty Ice Cream has been acquired by Hilrod Holdings for $19.2 million. The acquisition was finalized during Rite Aid’s bankruptcy proceedings, approved by a federal bankruptcy judge. Hilrod plans to keep Thrifty’s management while launching new flavors and improving distribution. The brand, established in 1940, promises to retain its original recipes. This strategic move aims to revitalize Thrifty and reconnect with loyal customers while reaching new ones.
California – Iconic West Coast ice cream brand Thrifty Ice Cream has been acquired by Hilrod Holdings, an investment group owned by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks, for $19.2 million. The acquisition emerged during Rite Aid Corp.’s bankruptcy proceedings, with the deal finalized after Hilrod was named the successful bidder in court documents filed on June 26. A federal bankruptcy judge approved the transaction on July 1.
In addition to acquiring Thrifty Ice Cream, Hilrod Holdings also purchased assets associated with KPH Healthcare Services. Hilrod plans to maintain and grow Thrifty’s current management team while implementing a revitalization strategy that preserves the brand’s core identity. This approach aims to reconnect with longtime fans and introduce Thrifty Ice Cream to new consumers.
Consumers can anticipate new flavors and packaging options being launched soon, but the original recipes and signature scoop style will remain unchanged. Thrifty Ice Cream will still be available at its existing retail locations, with plans for wider distribution commencing in the fall and extending into the next year. The company is also planning manufacturing and logistical upgrades to ensure product quality and availability, targeting long-term growth.
Thrifty Ice Cream was established in 1940 at a small factory in West Hollywood, California. By the 1970s, it had become a staple on the West Coast, earning significant celebrity endorsements. In 1976, the ice cream plant was relocated to El Monte, California, where it continues to operate successfully today. All Thrifty Ice Cream products are crafted using Real California Milk, and many of the original recipes have been retained over the years.
Hilrod executives bring substantial experience in brand revitalization, having previously transformed Hansen’s from a soda company into the powerhouse behind Monster energy drinks. Following this acquisition, Sacks intends to resign as co-CEO of Monster and will transition out of leadership, while Schlosberg maintains his role as CEO.
Key Details from the Acquisition
- Acquisition Amount: $19.2 million
- Parent Company: Hilrod Holdings
- Owners: Hilton Schlosberg and Rodney Sacks
- Original Parent Company: Rite Aid Corp.
- Product Standards: Real California Milk, original recipes, unchanged scoop style
- New Initiatives: New flavors, packaging, and wider distribution
- Operational Upgrades: Manufacturing and logistical improvements
Historical Background
Thrifty Ice Cream has a storied history that dates back to 1940. It quickly gained popularity in the West Coast region and became synonymous with quality. The company shifted its manufacturing operations in 1976 to El Monte, California, ensuring it remained close to its established customer base. Over the years, Thrifty has cultivated a loyal following, largely due to its commitment to quality and transparency.
Future Outlook
As Hilrod Holdings embarks on this new journey with Thrifty Ice Cream, stakeholders and consumers alike await developments on new product offerings while holding onto the quality and consistency the brand has championed for decades.
FAQ
- Who acquired Thrifty Ice Cream? Hilrod Holdings acquired Thrifty Ice Cream for $19.2 million.
- Who owns Hilrod Holdings? Hilrod Holdings is owned by Hilton Schlosberg and Rodney Sacks, both associated with Monster Energy.
- What will happen to the Thrifty Ice Cream recipes? The original recipes and signature scoop style will remain unchanged.
- Will there be new products? Yes, consumers can expect new flavors and packaging options to be launched soon.
- 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 beginning in the fall.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Acquisition Amount | $19.2 million |
| New Owners | Hilton Schlosberg and Rodney Sacks |
| Retained Integrity | Original recipes and scoop style unchanged |
| New Initiatives | New flavors and packaging expected |
| Distribution Plans | Wider distribution starting this fall |
| Operational Upgrades | Manufacturing and logistical improvements planned |
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream and Monster Energy Acquisition
- Wikipedia: Thrifty Ice Cream
- Ainvest: Thrifty Ice Cream Expansion Plans
- Google Search: Thrifty Ice Cream Acquisition
- SFGate: Billionaires Buy California Ice Cream Brand
- Encyclopedia Britannica: Ice Cream
- FoodDive: Monster Energy Execs Purchase Ice Cream Business
- Google News: Monster Energy Thrifty Ice Cream
- RetailWire: Rite Aid and Thrifty Ice Cream
- Fast Company: Thrifty Ice Cream Amid Rite Aid Bankruptcy
Author: STAFF HERE CORONADO
The Coronado Staff Writer represents the experienced team at HERECoronado.com, your go-to source for actionable local news and information in Coronado, San Diego 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 Coronado Island Film Festival, productions at Lamb’s Players Theatre, community workshops at John D. Spreckels Center, and iconic celebrations at Hotel del Coronado. Our coverage extends to key organizations like the Coronado Chamber of Commerce and Visit Coronado, plus leading businesses in hospitality, dining, and tourism that drive the local economy. As part of the broader HERE network, including HERESanDiego.com, HEREHuntingtonBeach.com, HERELongBeach.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
