Mini Melts, one of the nation’s most popular ice cream brands, is gaining new backing, writes Rod James for The Wall Street Journal.
Altamont Capital Partners, a private equity firm, has acquired a controlling interest in the company.
Founded in 2004 in Philadelphia, Mini Melts serves 30 million prepackaged ice cream cups a year from over 15,000 locations.
Mini Melts CEO Dan Kilcoyne, who started the company in the cafeteria at Father Judge High School in Northeast Philadelphia while he was a student there, will remain in charge and is still invested in the business.
On the decision to bring in a private equity partner, Kilcoyne said, “We did a test with a national retailer which started with 50 locations. They came back and said, ‘This is going really well, we want to roll you into 9,000 locations,’ but we didn’t have the ability to do it.”
The brand offers beaded frozen confections, while convenience retailers sell Mini Melts as grab-and-go freezer items. The company also sells cups through stand-alone vending machines.
The brand’s popularity and unusual distribution model were among the main selling points for Altamont, according to managing director Kevin Mason.
Main priorities include expanding the company’s distribution network, widening its product array, and extending its sales channels to more venues.
Read more about Mini Melts’ private equity stake at The Wall Street Journal.
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