Aureus executes binding letter of intent to acquire Yuengling’s Ice Cream
Aureus is a brand development company that focuses on acquiring and growing established food brands.
Aureus Inc., an Atlanta-based brand development company focused on acquiring and growing well-established food brands, said it executed a binding letter of intent (LOI) to acquire 67% of Yuengling’s Ice Cream Corp., Orwigsburg, Pa. This ownership stake of Yuengling’s Ice Cream is in addition to the 33% of Yuengling’s Ice Cream under contract as part of the purchase of Yuengling’s Ice Cream Online Distributors (YIC).
The transaction will be executed in three tranches, of which 5.5% has already been acquired, Aureus said. The second ownership stake of 18.5% will be acquired in the next few weeks, with the final tranche within 60 days following the closing date.
Upon completion, Aureus management will obtain a majority of the board of directors and assume the position of executive officers of Yuengling’s Ice Cream, where they will assist in the day-to-day management, operations and finances of the company.
“I can’t speak highly enough of David Yuengling, the president of Yuengling’s Ice Cream Corp., and the team at YIC,” stated Everett Dickson, CEO of Aureus, Inc. “We have enjoyed working with them, and are looking forward to collectively growing this business together. Our ownership position in the company provides us the ability to launch our strategic marketing plans and new products for the brand. We are humbled to continue the 65-year-old Yuengling Family tradition of marketing and delivering a premium ice cream brand that truly stands the test of time.”