West Hollywood, California, August 16, 2025
News Summary
Thrifty Ice Cream has been acquired by Hilrod Holdings for $19.2 million during Rite Aid’s bankruptcy proceedings. The acquisition aims to preserve the brand’s original flavors while introducing new options and improving distribution. Founded in 1940 in West Hollywood, California, Thrifty has a rich history and consumer loyalty that Hilrod intends to maintain. With updates planned for packaging and wider availability, the investment group aims to reinvigorate the iconic ice cream brand while retaining its core identity.
California: Thrifty Ice Cream Acquired Amid Rite Aid Bankruptcy
The iconic West Coast ice cream brand Thrifty Ice Cream has been acquired by investment group Hilrod Holdings for $19.2 million as part of Rite Aid Corp.’s bankruptcy proceedings. This acquisition was confirmed after Hilrod was identified as the successful bidder in court documents filed on June 26, with a federal bankruptcy judge approving the transaction on July 1.
Hilrod Holdings is owned by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks. In addition to Thrifty Ice Cream, Hilrod also purchased assets related to KPH Healthcare Services. The company plans to retain and grow the current management team of Thrifty Ice Cream as part of a revitalization strategy.
The aimed strategy is to preserve Thrifty Ice Cream’s core identity while reconnecting with longtime fans and introducing the brand to new audiences. Consumers can anticipate the introduction of new flavors and packaging options in the near future. However, the original recipes and the signature scoop style that made Thrifty popular will remain unchanged.
Thrifty Ice Cream will continue to be available at its existing retail locations, with plans for wider distribution beginning in the fall and extending into next year. Hilrod is also investing in manufacturing and logistical upgrades to ensure consistent product quality and availability, targeting long-term growth for the brand.
Brand History and Cultural Significance
Founded in 1940 at a modest factory in West Hollywood, California, Thrifty Ice Cream quickly became a celebrated favorite on the West Coast. By the 1970s, it had established itself as a staple in the region, earning endorsements from notable celebrities. The ice cream plant was relocated to El Monte, California, in 1976, where it continues to operate today.
Thrifty Ice Cream products are known for their quality, made with Real California Milk, and many of the original recipes have been preserved through the decades. This heritage places Thrifty in a unique position as it seeks to grow its customer base while maintaining the nostalgic elements of the brand.
Hilrod Holdings’ Experience and Future Vision
Hilrod executives bring considerable experience in revitalizing brands, having previously transformed Hansen’s from a soda company into the powerhouse that is now Monster Energy. Sacks has announced his resignation as co-CEO of Monster and will transition out of leadership, while Schlosberg remains at the helm as CEO.
With this acquisition, Hilrod Holdings aims to not only safeguard the legacy of Thrifty Ice Cream but also to enhance its market presence and offerings, positioning the brand for a successful resurgence in the competitive ice cream industry.
Key Takeaways
- Hilrod Holdings acquired Thrifty Ice Cream for $19.2 million during Rite Aid’s bankruptcy proceedings.
- The original taste and recipes will be preserved, with new flavors and packaging expected.
- Wider distribution is planned to begin in the fall and next year.
- Manufacturing upgrades are part of Hilrod’s growth strategy for the brand.
FAQ Section
What company acquired Thrifty Ice Cream?
Thrifty Ice Cream was acquired by Hilrod Holdings for $19.2 million.
Who owns Hilrod Holdings?
Hilrod Holdings is owned by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks.
Will Thrifty Ice Cream maintain its original flavors?
Yes, the original recipes and signature scoop style will remain unchanged.
What changes can consumers expect from Thrifty Ice Cream?
Consumers can anticipate new flavors and packaging options soon, as well as wider distribution beginning in the fall.
Where was Thrifty Ice Cream originally founded?
Thrifty Ice Cream was founded in 1940 in West Hollywood, California.
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Acquired by Hilrod Holdings
- Ainvest: Owners of Thrifty Ice Cream Plan Expansion
- SFGate: Billionaires Buy California Ice Cream Brand
- Food Dive: Monster Energy Execs Purchase Ice Cream Business
- 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 SAN DIEGO WRITER
SAN DIEGO STAFF WRITER The SAN DIEGO STAFF WRITER represents the experienced team at HERESanDiego.com, your go-to source for actionable local news and information in San Diego, 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 Comic-Con International, San Diego County Fair, and San Diego Pride Festival. Our coverage extends to key organizations like the San Diego Regional Chamber of Commerce and United Way of San Diego County, plus leading businesses in biotechnology, healthcare, and technology that power the local economy such as Qualcomm, Illumina, and Scripps Health. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
