A holding company with ties to Monster Beverage executives has made a significant purchase of the Thrifty Ice Cream brand and a healthcare business for $19.2 million. The company, known as Hilrod Holdings and owned by Monster CEO Hilton Schlosberg and former Monster co-CEO Rodney Sacks, is acquiring Thrifty from Rite Aid as part of the pharmacy chain’s bankruptcy proceedings. This transaction, which also includes KPH Healthcare Services, was approved by a federal bankruptcy judge on July 1.
The 85-year-old Thrifty Ice Cream brand has a long history on the West Coast, being sold at retailers like Rite Aid. With Rite Aid closing many of its stores, it is unclear what plans Hilrod has for the storied ice cream brand.
Sacks and Schlosberg have a track record of revitalizing struggling companies, as seen with their transformation of Hansen’s into the energy drink powerhouse known as Monster. The duo acquired Hansen after it filed for bankruptcy in 1988 and later launched the popular Monster energy drink in 2002. Since then, Monster has expanded its product line to include craft beers, hard seltzers, and flavored malt beverages.
Sacks recently stepped down from Monster, leaving Schlosberg as the sole chief executive of the company. With their experience in turning around ailing businesses, it will be interesting to see how they approach the revitalization of the Thrifty Ice Cream brand and the healthcare business they have acquired.
