THE founders of Ben & Jerry’s have expressed interest in buying back their namesake ice cream brand from Unilever, according to sources familiar with the matter.
Ben Cohen and Jerry Greenfield have held some initial discussions in recent months about a potential deal, the sources said. They may look to partner with socially minded investors in any transaction, the sources said, asking not to be identified discussing confidential information.
The Ben & Jerry’s business could be valued at several billion US dollars in a sale, which means the founders would need deep-pocketed financial backers to make it happen, one of the sources said. There’s no certainty the discussions will progress and they could decide not to pursue a deal, according to the sources.
“As confirmed during our 2024 FY results announcement, we are on track to separate the ice cream business by way of a demerger,” a spokesperson for Unilever said. “Ben & Jerry’s is an important part of the ice cream business, and it’s not for sale.”
A representative for Cohen and Greenfield declined to comment.
Unilever has been pursuing a spinoff of its ice cream business as part of a cost-cutting drive. Chief executive officer Hein Schumacher, who was replaced by chief financial officer Fernando Fernandez in a surprise ouster this week, had been working on splitting off the ice cream unit and improving its performance.
The company is planning for the spinoff to go public primarily in Amsterdam, with secondary listings in London and New York. The US is the biggest market for Unilever’s ice cream brands, which also include Breyers and Magnum.
Cohen and Greenfield, who started their Burlington, Vermont-based company in 1978, agreed to sell Ben & Jerry’s to Unilever in 2000 for US$326 million. In addition to whimsical flavours such as Cherry Garcia, Chubby Hubby and Bohemian Raspberry, their brand became associated with progressive, social justice issues.
The deal gave power over the social mission of Ben & Jerry’s to an independent board, which has continued to pursue those concerns, sometimes to the consternation of Unilever. The two sides have been fighting since 2021, when Ben & Jerry’s said it would halt sales in the West Bank. Unilever has since sold its ice cream unit in Israel to a local producer. BLOOMBERG
