New entrant to food industry set to buy Yuenglings Ice Cream

New entrant to food industry set to buy Yuengling's Ice Cream

US firm Yuengling's Ice Cream Corp. is set to get a new owner in the shape of Aureus, a business that has recently changed industries to focus on food.

Aureus set up in 2013 as a mining company but de-registered its common stock four years later. The company, which recently came under new management and ownership, is now focusing "specific assets in and related to the food industry" and, last week, announced a deal to buy 100% of Yuengling's Ice Cream Corp. for an undisclosed sum.

After doing business from 1920 to 1985, Pennsylvania-based Yuengling's Ice Cream Corp. was revived in 2014 by David Yuengling, the great-grandson of the company's founder.

The business secured listings in a number of regional supermarkets, including Stop & Shop, Giant, Harris Teeter, Wegmans, Lowes, SuperValu and Wal-Mart. In 2016, it announced plans to raise US$5m in a private placement to fund moves to grow the business.

At present, Yuengling's Ice Cream Corp. delivers products directly to consumers.

In January, Nevada-incorporated Aureus signed an agreement to buy Yuengling's Ice Cream - Online Distributors LLC, described as the "online purveyor" of the Yuengling's Ice Cream brand.

With that deal, Aureus acquired 33% of Yuengling's Ice Cream Corp. The transaction announced last week covers the remaining shares.

In a statement, Aureus CEO Everett Dickson said: "We are pleased to announce that, in addition to our ongoing acquisition of Yuengling's Ice Cream Online Distributors (YIC), we have just executed a binding LOI to acquire the balance of the ownership in Yuengling's Ice Cream Corp.

"I can't speak highly enough of the president of David Yuengling, the president of Yuengling's Ice Cream Corp, and the team at YIC. 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."

just-food approached Aureus for further comment, including on its move to focus on food. The company had not responded at the time of writing.