California, August 16, 2025
News Summary
Hilrod Holdings, co-owned by Monster Energy CEO Hilton Schlosberg, has acquired Thrifty Ice Cream from Rite Aid for $19.2 million. The purchase aims to revitalise the iconic West Coast brand while preserving its original recipes and signature style. Future plans include introducing new flavors and broader distribution. The management team will stay in place to maintain the brand’s identity that has been established since 1940.
California – The iconic West Coast brand Thrifty Ice Cream has been purchased by Hilrod Holdings, an investment group co-owned by Monster Energy CEO Hilton Schlosberg and former co-CEO Rodney Sacks, for $19.2 million. The acquisition was finalized amid the bankruptcy proceedings of Rite Aid Corp., which originally acquired Thrifty Ice Cream in 1996. The successful bid by Hilrod Holdings was confirmed in court documents filed on June 26, and a federal bankruptcy judge approved the transaction on July 1.
In addition to Thrifty Ice Cream, Hilrod Holdings also acquired assets associated with KPH Healthcare Services. Despite the transition, the investment group plans to retain and grow the current management team of Thrifty Ice Cream. Their strategy is to preserve the beloved brand’s core identity while making efforts to reconnect with long-time fans and attract new customers.
Consumers can anticipate the introduction of new flavors and updated packaging for Thrifty Ice Cream products in the near future. However, the original recipes and the brand’s signature scoop style will remain unchanged, ensuring that the familiar taste continues to delight loyal customers. Thrifty Ice Cream will continue to be available at its current retail locations, with plans for broader distribution set to commence this fall and extend into the following year.
To guarantee product quality and availability, Hilrod Holdings has outlined a plan to implement manufacturing and logistical upgrades, targeting sustainable long-term growth for the brand. Established in 1940 in West Hollywood, California, Thrifty Ice Cream quickly became synonymous with West Coast culture, gaining popularity and celebrity endorsements throughout the 1970s. The brand’s ice cream plant was relocated to El Monte, California, in 1976, where it still operates its manufacturing today. All Thrifty Ice Cream products are crafted using Real California Milk, with many of the original recipes still in use.
Hilrod executives have a robust track record of revitalizing struggling brands and previously transformed Hansen’s, a soda brand, into the successful Monster energy drink powerhouse. As part of this transition, Sacks has resigned from his role as co-CEO of Monster and will step back from leadership, while Schlosberg will continue to serve as CEO. The acquisition of Thrifty Ice Cream marks a significant move for Hilrod Holdings as they seek to blend tradition with innovation in the ice cream market.
FAQ
Who acquired Thrifty Ice Cream?
Thrifty Ice Cream has been acquired by Hilrod Holdings, an investment group co-owned by Hilton Schlosberg and Rodney Sacks.
What was the acquisition cost for Thrifty Ice Cream?
The acquisition cost for Thrifty Ice Cream was $19.2 million.
Will the original recipes of Thrifty Ice Cream change?
No, the original recipes and signature scoop style will remain unchanged, but new flavors and packaging options are expected to be introduced soon.
When will Thrifty Ice Cream be available in more locations?
Thrifty Ice Cream will continue to be available at current retail locations, with plans for wider distribution set to begin this fall and next year.
Key Features of Thrifty Ice Cream Acquisition
| Feature | Details |
|---|---|
| Acquisition Cost | $19.2 million |
| Parent Company | Hilrod Holdings |
| Initial Owner | Rite Aid Corp. |
| Original Establishment Year | 1940 |
| Future Plans | New flavors, packaging, and wider distribution |
| Product Quality Assurance | Upgrades to manufacturing & logistics |
Deeper Dive: News & Info About This Topic
- USA Today: Thrifty Ice Cream Sold
- Ainvest: Thrifty Ice Cream Expansion Plans
- SFGate: Billionaires Buy Thrifty Ice Cream
- Food Dive: Monster Energy Acquires Thrifty Ice Cream
- WFAA: Thrifty Ice Cream Sold
- 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 HUNTINGTON BEACH
The Huntington Beach Staff Writer represents the experienced team at HEREHuntingtonBeach.com, your go-to source for actionable local news and information in Huntington Beach, Orange 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 the Huntington Beach Surf City USA Marathon, the U.S. Open of Surfing, Fourth of July celebrations at the Huntington Beach Pier, and community festivals at Huntington Beach Central Park. Our coverage extends to key organizations like the Huntington Beach Chamber of Commerce and Visit Huntington Beach, plus leading businesses in retail, hospitality, and outdoor recreation that drive the local economy. As part of the broader HERE network, including HEREAnaheim.com, HERECostaMesa.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
