PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Wells is the U.S.s largest family-owned and -managed ice cream producer. No credit card required. Wells Enterprises, maker of the Blue Bunny ice cream brand, has ambitious plans to grow way beyond $1 billion in sales. Manufacturer of ice cream, frozen novelties and specialty frozen desserts. The acquisition is expected to give Wells Enterprises a strategic footprint on the East coast. (Mike declines to disclose current revenues but says they exceed $1 billion.) Across energy and other industries, leaders have the chance to embrace total enterprise reinvention. Lorem ipsum dolor sit, amet consectetur adipisicing elit. While entrepreneurs take pride in working long hours to build success, they often find it hard to create a self-care space. He said his family believed the Ferrero organization was the right fit for the brand's legacy. The stock has lost 7.38% in a year and fallen 60.56% in 2023. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. {{ userNotificationState.getAlertCount('bell') }}. The company provides ice cream and other froz, dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla par. Located in Le Mars, Iowa, Wells manufactures more than 500 ice cream flavors and frozen novelty products under its brand name, Blue Bunny, as well as licensed ice cream products for major U.S companies. We built our business with Wal-Mart one store at a time, says Mike. Platinum Amex Card: What's the Difference? In addition, Wells is the licensee for Weight Watchers Ice Cream. His brother Harry C. Wells joined the business, as did his sons. Uncover why Wells Enterprises, Inc. is the best company for you. Wells Fargo. Claim your Free Employer Profile. Search over 700 For additional information on this line of business, refer to the external Careers Site at wellsfargojobs.com . Wells Enterprises Construction Llc currently holds license 2705177537 (Residential Building (Rbc)), which was Inactive when we last checked. On Wednesday, Mike Wells said he and his family were confident that local employees are in good hands. The company has set a new sales record and reduced its debt. Deborah Hylton, president of Hylton Consulting in Chapel Hill, N.C., was invited to join the Wells board in 2008 and is now the board chair. A Sioux City man successfully lobbied for Blue Bunny. The company provides ice cream and other froz. Youre viewing 3 of 3 competitors. [5], In 2003, an ice cream plant in St. George, Utah was opened to better meet the west coast market. Mikes son, Michael J. Wells took the reins as CEO from his cousin, Doug Wells. The restructuring of management and board was not a reflection on the leadership of the other family members, she says, but rather a reflection on the familys strength in embracing change and innovation. "Ferrero's brands and reputation for world-class quality are a perfect match with what has made Wells so successful and we will be even better together going forward," Killeen said in a statement. In 1928 Fairmont Ice Cream purchased the ice cream distribution system in Sioux City from the Wells brothers along with the right to use the Wells name. In 1985, Wells employed 430 workers in Le Mars. On its website, there is plenty of information about what you can invest in, but it does nothing to assuage the worry or add the kind of comfort and guidance a beginner investor might look for from their bank. Family and non-family management engaged in long discussions about how Wells could best position itself to grow and thrive in an increasingly competitive industry. We spent a lot of time identifying opportunities to improve and the additional professional expertise wed need to do it. Wells family owners brought in several outside consultants to hear their perspectives and, along with the companys professional managers, considered the mix of judgments and opinions. By Deanne Stone. These special banking divisions offer a host of services not available to traditional clients, such as a dedicated wealth management representative, concierge banking, discounted mortgages, and perks and rewards on credit cards. Theyre looking for things that are free-from, that meet the lifestyle needs and desires of the ever-changing millennial and now Gen Z consumer. Nothing. They had a lot of respect for one another and recognized each others talents, he says, They could fight like cats and dogs, but they always found a way to reach consensus. Also working in their favor, he says, was their knowledge of both the financial side of the business and the food science. 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Wal-Mart is a demanding partner, says Mike, but its fair., Wells has also built a profitable partnership with Weight Watchers. These are continued divergent trends, Mr. Wells said. Giovanni Ferrero, the company's executive chairman, said in a statement: "I am delighted that Wells has agreed to join the Ferrero Group. million verified professionals across 35 million companies. Caltech takes the top spot along many universities, including Cleveland State (No. [4], In 1935, the Wells family decided to sell ice cream in Sioux City again. The bank's cash purchase option enables customers to take advantage of cash-only real estate deals and still finance their purchases. 10) and Syracuse (No. Wells is the second largest ice cream maker in the United States behind Unilever. After graduating from college, he began working in quality control and production. 1845 Walnut Street Suite 900 Philadelphia, PA 19103, Transformational Women in Family Business 2023, 2021 Family Business Executive Compensation Survey, Adding independent directors takes your board to a new level, A Connected Leadership Model for Family Business, Family Business Basics: Family Office Trends. Private banking consists of personalized financial services and products offered to the high net worth individual (HNWI) clients of a bank or other financial institution. In 1927 Fred H. Wells and his brother, Harry C. Wells, began a partnership to distribute ice cream in Sioux City, Iowa, located about 25 miles south of Le Mars. Those seem to be the two areas that are really driving the ice cream category.. Ferrero owns 35 brands, including Kinder and Tic Tac. (According to Bloomberg, Giovanni Ferrero has a net worth of $41.8 billion, making him the 28th richest person in the world and the richest person in Italy.). free lookups / month. New corporate offices were added in 1980, and Wells built new facilities for its growing fleet of trucks used to deliver milk around Iowa. If you apply yourself you will succeed with Wells. In 2006 its sales passed the $1 billion mark, placing it in a select group of family firms with revenues of that size. Founded in 1913 by Fred H. Wells, Wells Enterprises produces more than 150 million gallons of ice cream per year at two manufacturing plants in Le Mars and distributes product in all 50 states. ALSO READ: Adani Group plans to repay up to $790 million share . Our crew now includes Halo Top , the iconic Bomb Pop , and Blue Ribbon Classics. For this reason, most big banks maintain self-contained departments that cater strictly to HNWIs. Collectively, our family decided the best thing we could do for our business was to set it up for the future," Wells said, "with an ownership group that could and would invest behind it.. "They need all of our employees," he said. Glassdoor gives you an inside look at what it's like to work at Wells' Dairy, including salaries, reviews, office photos, and more. The new partners were Fred D. Wells, the son of Harry C. Wells, and his four cousins, Harold R., Roy F., Harry L. and Fay R., the sons of Fred H. Wells. A group of shareholders sprang into action, forming a task force under the guidance of Jennifer Pendergast, senior consultant at the Family Business Consulting Group. A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts. This compensation may impact how and where listings appear. He will remain involved as an advisor. The final list ranks the 500 companies. 58% of job seekers rate their interview experience at Wells' Dairy as positive. During the visit, he said, Ferrero fell in love with the town. We are a great example of a family business that protected the family by putting the business first, CEO Mike Wells says. Fred H. Wells Jr. opened a milk route in 1913 in Le Mars after purchasing a horse, delivery wagon, and a few cans and jars for $250 from local dairy farmer Ray Bowers. [6] The ice cream had remained largely a regional brand until 1992 when it began an aggressive program to expand nationally. Wells Enterprises employees earn an average salary of $58,331 in 2023, with a range from $34,000 to $97,000. Either way, Wells said he knew the company needed an outside suitor as it continued to expand. And then theres still a whole bunch of people that look at the ice cream category not for health, but they look at it for indulgence. Learn More Our Family of Brands The Italian confection company Ferrero Group announced Wednesday that it's acquiring Wells Enterprises, the Iowa-based maker of Blue Bunny and Halo Top ice creams. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. I interviewed at Wells' Dairy (Le Mars, IA). By 2006, Wells had become a billion-dollar company with a national reach. Mike Wells said he became friends with Giovanni Ferrero, the company's executive chairman. It was a difficult but necessary decision, says Mike. cox.net; bluebunny.com; gateway.com; conagrafoods.com; 5+ 605-770-XXXX; 605-460-XXXX; 402290XXXX . But, Hylton notes, Its not once and done. Harrys son, Fred D. Wells, also joined the company. He said his bankers at UBS Group AG put them in touch. 2023 PitchBook. The business has been vital to Wells' headquarters city, Le Mars, the rare Iowa micropolitan community that has not lost residents in recent years. Private Client Banking customers receive a private client advisor and access to the firm's global strategy and global solutions teams. :Elif Shafak Bloomberg Radio Bloomberg Best Bloomberg Best features. Wells said he began to seriously contemplate the company's future when he attended its 100th anniversary event in 2013. 29). Looking for a particular Wells Enterprises employee's phone or email? Find out what works well at Wells Enterprises, Inc. from the people who know best. "High-net-worth individual" (HNWI) is a financial industry classification to denote an individual with liquid assets above a certain figure. [9] In 2008, Wells Enterprises launched the Blue Bunny Helmet of Hope Program in partnership with the Jimmie Johnson Foundation. It is the maker of Blue Bunny ice cream. One year later, the company sold its Sioux City distributorship to a competitor, along with the right to use the Wells name. Meanwhile, those who actively trade stocks and concern themselves more with the brokerage side of a bank's business may be better off with JPMorgan Chase. "We know the weaknesses of inbred family management," Doug Wells told Family Business. Shareholders are enjoying greater benefits because the company has accomplished great things. Disclamer: Wells Enterprises net worth displayed here are calculated based on a combination social factors. The partnership succeeded, says Fay Wells son Doug J. Dougs brothers Gary M. and Dan W., and Mikes brother, Greg A., also followed similar trajectories in the company. [8], In November 2007, Mike Wells was named CEO of Wells. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Chase vs. Wells Fargo High-Net-Worth Accounts: An Overview, What Is Private Banking? 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