Casper’s Ice Cream made in Richmond has supported fundraisers throughout Cache Valley.
RICHMOND – MidOcean Partners, a premier middle market private equity firm, announced they have purchased Casper’s Cream in Richmond right after the first of the year. Casper’s is considered to be a leading manufacturer and supplier of branded and co-packed ice cream and other frozen novelty products sold through grocery and mass customers throughout the United States.
The long-time Cache Valley company primarily sells the FatBoy brand, one of the fastest growing frozen novelty brands in the U.S., as well as the Jolly Llama and ChurnBaby brands.
Casper’s has been owned by the Merrill family for over 95 years. Paul Merrill, who has managed and watched over the company for the past 15 years, is a third-generation family member. During his tenure Casper’s has expanded into multiple brands and new geographies supported by investing in modern manufacturing technology.
The valley’s biggest ice cream manufacturer is led by an experienced senior management team, which includes CEO Kyle Smith and Executive Vice Presidents Keith Lawes and Shane Petersen, under whose leadership the company has expanded distribution and increased capacity while maintaining its commitment to its core values and consumers.
“Having grown up in this business, I’m honored to follow in the footsteps of my grandfather, Casper Merrill, in pursuing the next phase of growth for Casper’s with a talented new partner in MidOcean and with the management team led by Kyle, Keith and Shane, all of whom helped drive us to this point,” said Merrill. “I could not be more excited to see where the FatBoy brand can go with additional resources and talented people at the table.”
MidOcean intends to accelerate Casper’s growth and drive value through comprehensive organic initiatives and strategic mergers and acquisitions. Financial terms of the transaction were not disclosed.
Founded in 1925 by Casper Merrill and headquartered in Cache Valley, Casper’s produces a broad array of frozen novelty and ice cream products, including ice cream sandwiches, cones, bars, sticks, cups and other formats. The company operates three manufacturing facilities, one of which is the newest frozen novelty manufacturing facility in the country.
“We are honored to be a part of the Casper’s family and look forward to being great stewards of legacy built by the Merrills over the last 95+ years, including the company’s commitment to service leadership, philanthropy and community relations,” Penn said. “We are thrilled to partner with Casper’s exceptional management team for the company’s next phase of growth.”
MidOcean’s focus is on branded food and has been in partnerships with a host of other operating partners, including Steve Spinner who will serve as Chairman of the Casper’s Board.
“Joining Steve on the Board will be MidOcean Operating Partner DJ Jenson and Maura Mottolese, the former CEO of Cholula and Tate’s Bake Shop,” he said. “Spinner joined MidOcean as an operating partner in 2021 and brings a broad range of capabilities to the firm including food distribution, strategic planning, human capital management, business services brands and data insights.”
“I’m excited to partner with the Casper’s management team and look forward to driving growth and building on the momentum of FatBoy and the entire portfolio of brands,” Spinner said. “We look forward to executing this strategic plan by working closely with the Casper’s team.”