Ben & Jerry’s Founders Explore Buyback for Ice Cream Brand

According to a Bloomberg report, Ben & Jerry's founders are exploring the possibility of buying back their beloved ice cream brand from Unilever Plc.

Ben Cohen and Jerry Greenfield have had preliminary conversations over the past several months about a potential deal. According to sources who asked not to be identified due to the confidential information involved, Cohen and Greenfield have been considering partnering with socially minded investors to assist in the purchase.

Ben & Jerry's valuation could potentially reach several billion dollars in a sale. As such, the Ben & Jerry's co-founders would need substantial financial resources to make a sale happen.

“As confirmed during our 2024 FY results announcement, we are on track to separate the ice cream business by way of a demerger,” a Unilever spokesperson said in an emailed statement to Bloomberg. “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 on Unilever's statement.

Bloomberg reported that Unilever has been interested in spinning off its ice cream business as a cost-cutting measure. Unilever aims to take its spinoff public in Amsterdam, with secondary markets identified in London and New York. The United States is the largest primary market for the company's ice cream brands, which include Breyers and Magnum.

Cohen and Greenfield, who started their Burlington, Vermont-based business in 1978, agreed to sell Ben & Jerry's to Unilever in 2000 for $326 million. In addition to its fun flavor creations, such as Chubby Hubby and Bohemian Raspberry, the brand became synonymous with supporting social justice issues.

The deal with Unilever gave control over Ben & Jerry's social mission to an independent board. That board has continued to pursue these issues, sometimes to Unilever's chagrin. The two sides have been battling over the social justice support since 2021 when Ben & Jerry's said it would suspend ice cream sales in the West Bank. Unilever has since sold its ice cream segment in Israel to a local producer.