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OAKLAND, Calif. - Dreyer's Grand Ice Cream Holdings Inc. has added firepower to its low-carbohydrate arsenal by acquiring Silhouette Brands, Inc. for $65.2 million in cash.
Based in New York and founded in 1994 by Marc Wexler and Sam Pugliese, Silhouette, whose brands feature low-fat and low-carb ice cream snacks marketed under the Skinny Cow and Skinny Carb labels, said in February it was seeking to be acquired.
For Dreyer's, the acquisition marks the next chapter in the company's ice cream-buying binge, which in February found the country's top-selling ice cream parent gobbling up the U.S. rights to Haagen-Dazs, including ownership of 236 stores.
Prior to the acquisition, Dreyer's acted as the national distributor for Silhouette Brands. Following this acquisition, Dreyer's anticipates significant administrative, selling, and management synergies; reduced costs; and raw material sourcing improvements.
As one of the fastest-growing partners in Dreyer's distribution portfolio in recent years, company officials said Silhouette Brands adds significant breadth to the ice cream assortment that Dreyer's offers consumers and retailers across the country. Silhouette Brands' executives, meanwhile, praised Dreyer's as an essential partner in its growth by providing direct-store distribution for many years.
Dreyer's paid Silhouette stockholders $4.76 for each common stock share and $6.56 for each preferred stock share held. The common stock price represented a 15 percent premium over Silhouette's closing stock price of $4.15 Friday.