Dreyer's Grand Ice Cream Inc and Nestle Ice Cream Co LLC (NICC), a subsidiary of Nestle Holdings Inc, have entered into an agreement with Integrated Brands Inc, a subsidiary of CoolBrands International Inc. The agreement is for the sale and purchase of certain ice cream and distribution assets, contingent upon completion of the proposed transactions among Dreyer's, NICC, and Nestle.
Under the asset purchase agreement, Dreyer's has agreed to sell to CoolBrands the Dreamery and Whole Fruit sorbet brands and, subject to the receipt of required third-party consents, to assign the license for the Godiva ice cream brand. NICC has agreed to sell its frozen dessert distribution assets in certain metropolitan areas in Washington, Oregon, Florida, California, Pennsylvania, New Jersey, Maryland, and the District of Columbia.
Dreyer's and Nestle have entered into the transaction with Cool-Brands to address concerns of the Federal Trade Commission (FTC) arising out of the transaction between Dreyer's and Nestle. The parties have commenced discussions with the FTC regarding terms of the proposed sale to CoolBrands and will continue to work with the FTC to reach a mutually acceptable resolution.
