Brigham’s acquired by HP Hood
June 27, 2008 – Brigham’s Ice Cream Inc. of Arlington, MA today announced it has agreed to sell its product lines to a subsidiary of HP Hood LLC in a move that brings together two of the region’s biggest and best-loved ice cream brands. Andy Crain represented Brighams in the transaction. Terms of the transaction were not disclosed.
Under the agreement, Lynnfield-based Hood will acquire the Brigham’s 94-year-old brand name, all its products, proprietary flavors, and recipes. In a separate transaction, Brigham’s 28 retail outlets and restaurants will be sold to Baltimore-based Deal Metrics LLC. Terms of that transaction were not disclosed either.
About 40 employees at Brigham’s ice cream facility will lose their jobs and receive separation pay, a Brigham’s spokesman said. The roughly 100 employees at Brigham’s 28 retail locations will continue under the new management, he added.
Lynne Bohan, a spokesperson for Hood, said in a statement: “Hood is pleased to welcome Brigham’s Ice Cream to our family, bringing together two of New England’s most beloved ice cream brands. Brigham’s Ice Cream, like Hood, has a strong heritage and passionate following among consumers—and we are delighted to have the opportunity to preserve the Brigham’s name and products. Hood’s primary focus will be on the strengths of the Brigham’s packaged ice cream business and preserving Brigham’s proprietary flavors and recipes.”
Last month, Brigham’s confirmed that it had hired an investment banking firm to explore a possible sale or merger of the company. At that time, Brigham’s cited tough competition and the rising costs of ice-cream ingredients as among the reasons for its decision to explore its options. In a statement issued last month, Brigham’s said, “Like other independent premium ice cream brands, Brigham’s has been subject to a variety of market pressures, including the unprecedented rise in the cost of commodities and the price of fuel and utilities.”
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Mirus Capital Advisors provides investment banking solutions to corporate clients in consumer products and services, including specialty foods and beverages, as well as technology, business services, and manufacturing. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.merger.com.Back to Transactions