Monster Energy Owners Acquire California Ice Cream Brand
West Coast brand Thrifty Ice Cream was recently acquired by investment group Hilrod Holdings for $19.2 million.
Hilrod is owned by Monster Energy CEO Hilton Schlosberg and former Monster co-CEO Rodney Sacks. The company bought the 85-year-old ice cream brand during Rite Aid’s bankruptcy proceedings. The drug store chain acquired the Thrifty business in 1996.
Thrifty's new owner intends to maintain and grow the current management team as it plans to revitalize Thrifty without altering the core of what made the brand unforgettable for more than 85 years.
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The ice cream business will retain its original recipes and signature scoop style while rolling out a revitalization strategy aimed at reconnecting with longtime fans and introducing new audiences to its storied flavors.
Consumers can expect to see new flavors and new packaging options in the near future. In addition to expanding flavors, the new ownership is planning a retail expansion. Thrifty Ice Cream will remain on shelves at its current retailers, with wider distribution ramping up into the fall and next year.
Upgrades to manufacturing and logistics are also in motion to ensure quality, availability and long-term growth.
Thrifty Ice Cream was launched in 1940 at a small factory in West Hollywood, Calif. By the 1970s, Thrifty ice cream had attained cult status along the West Coast, with significant celebrity shoutouts. In 1976, the plant relocated to El Monte, Calif., where it remains. All Thrifty Ice Cream is made with Real California Milk, with many of the original ice cream recipes remaining the same.
Corona, Calif.-based Monster Beverage, a leading player in the energy drink market, recently reported record net sales of more than $2 billion in its second quarter of 2025, with an 11.1% growth rate.
This article first appeared on the site of sister publication Progressive Grocer.
