Thrifty Ice Cream Sold for $19.2 Million During Rite Aid Bankruptcy

A delightful spread of Thrifty Ice Cream flavors ready to bring joy to customers.

California, August 16, 2025

News Summary

Thrifty Ice Cream, a beloved brand in California, has been acquired by Hilrod Holdings for $19.2 million as part of Rite Aid’s bankruptcy process. The acquisition, approved by a federal judge, aims to retain the ice cream’s original recipes while introducing new flavors and packaging. Hilrod intends to keep the existing management team and improve distribution, maintaining the brand’s core identity. With plans for wider availability and logistical upgrades, the future looks bright for this iconic ice cream maker.

California’s Thrifty Ice Cream Acquired for $19.2 Million Amid Rite Aid Bankruptcy

Thrifty Ice Cream, a cherished brand on the West Coast, has been sold to Hilrod Holdings for $19.2 million as part of Rite Aid Corp.‘s bankruptcy proceedings. The acquisition was finalized after Hilrod was designated the successful bidder in court filings dated June 26, and a federal bankruptcy judge approved the sale on July 1.

Hilrod Holdings is led by Hilton Schlosberg, the CEO of Monster Energy, and former co-CEO Rodney Sacks. In addition to acquiring Thrifty Ice Cream, the investment group also purchased assets related to KPH Healthcare Services, marking a strategic move during Rite Aid’s financial recovery efforts.

As part of its revitalization plan, Hilrod Holdings intends to keep the existing management team at Thrifty Ice Cream, aiming to preserve the brand’s core identity while reconnecting with its loyal customer base and appealing to new consumers. Plans include launching new flavors and updated packaging in the near future, although the original recipes and the brand’s signature scoop style will remain intact.

Thrifty Ice Cream continues to be available at current retail locations, with aspirations for broader distribution starting this fall and in the following year. Moreover, Hilrod is looking to implement manufacturing and logistical upgrades to enhance product quality and availability, targeting long-term growth for the iconic ice cream maker.

A Brief History of Thrifty Ice Cream

Thrifty Ice Cream was established in 1940 at a modest factory in West Hollywood, California. By the 1970s, the brand had become a staple on the West Coast, enjoying endorsements from a range of celebrities. In 1976, the production facility was moved to El Monte, California, where it continues to operate today. Thrifty Ice Cream prides itself on using Real California Milk in its products, with many of its original recipes still utilized in its production.

Experience Behind the Acquisition

The leadership at Hilrod Holdings brings substantial experience in brand revitalization. Under their direction, they successfully transformed Hansen’s from a conventional soda brand into the powerhouse of the Monster energy drink sector. While Sacks will step down from his co-CEO role at Monster, Schlosberg will maintain his position as CEO, guiding Hilrod Holdings into this new chapter.

Future Prospects

As Thrifty Ice Cream transitions under new ownership, the brand aims to retain the quality and flavor its consumers have always enjoyed while expanding its reach to a broader audience. With a rich history and a clear plan for innovation and outreach, the future looks promising for both the iconic brand and its new owners.

FAQ

What was the acquisition price of Thrifty Ice Cream?

The acquisition was completed for $19.2 million.

Who acquired Thrifty Ice Cream?

The ice cream brand was acquired by Hilrod Holdings, an investment group owned by Hilton Schlosberg and Rodney Sacks.

What is the future plan for Thrifty Ice Cream under Hilrod Holdings?

Hilrod Holdings plans to keep the current management team, introduce new flavors and packaging, and ensure the original recipes and style are preserved.

Will Thrifty Ice Cream still be available at its current locations?

Yes, Thrifty Ice Cream will continue to be available at existing retail locations, with plans for expanded distribution in the near future.

What changes can consumers expect in the upcoming months?

Consumers can look forward to new flavors and packaging options while the brand focuses on maintaining its quality and availability.

Key Features of the Acquisition

Feature	Details
Acquisition Price	$19.2 million
New Owners	Hilrod Holdings, led by Hilton Schlosberg and Rodney Sacks
Historical Significance	Thrifty Ice Cream founded in 1940, operates out of El Monte, California since 1976
Future Plans	New flavors and packaging, wider distribution, maintaining original recipes
Retained Management	Current management team will remain in place