US-based ice cream company Mini Melts has received investment from Altamont Capital Partners, a California-headquartered private-equity firm.
Financial details were not disclosed.
The beaded ice-cream business manufactures in Connecticut using a “proprietary cryogenic freezing process” and distributes across its network of over 20 distribution centres. Mini Melts expects to open “numerous new distribution centres in 2024 and continue to expand its fully integrated, white glove distribution model”, Altamont said in a statement.
Philadelphia-headquartered Mini Melts, founded in 2004, serves 30m pre-packaged ice-cream cups a year from more than 15,000 locations, Altamont said.
“We believe the beaded ice-cream category has expandable growth potential,” Altamont principal Kabir Mundkur said in a statement.
“We are excited to invest in the brand and bring Mini Melts into more consumers’ hands while fostering new and exciting innovation in the future.”
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Mini Melts founder and CEO Dan Kilcoyne will remain at the helm and is still a “major investor” in the business, alongside other shareholders.
“Our partnership with Altamont will bolster our growth plans, allowing us to spread into new markets and grow with new customers,” said Kilcoyne.
“We have experienced exponential growth over the past several years and are focused on reaching across the entire country and innovating for our valued customers. We are excited to leverage Altamont’s experience scaling family-owned businesses and in multi-unit operations, food manufacturing, and distribution to support our next phase of growth.”
Mini Melts joins companies such as Juice Plus and Tall Tree Foods in Altamont’s portfolio.
“The fully integrated white glove distribution model is a real difference maker. It enables an entirely seamless experience for the company’s channel partners, and a better quality product for consumers,” said Altamont managing director Kevin Mason.