Duff & Phelps is pleased to announce that Joy Cone Company, Inc. (“Joy Cone”) has acquired BoDeans Baking Group (“BoDeans”). The transaction closed on September 29, 2016.
Duff & Phelps served as the exclusive financial advisor to Joy Cone, an employee-owned company, and provided buy-side merger and acquisition advisory, financing advisory, ESOP advisory, transaction opinion, transfer pricing and valuation advisory services. Following the transaction, Joy Cone will be 100% employee owned through the Joy Cone ESOP.
About Joy Cone
Joy Cone Company has been baking the highest quality ice cream cones since 1918. Now the largest cone company in the world, baking over 1.5 billion cones annually, Joy Cone Company produces a wide range of ice cream cones for the retail and food service markets. Offering cake cones, sugar cones, waffle cones and bowls, the cones are sold to both grocery stores and food service chains and distributors throughout the United States and Canada. Reed Smith served as legal advisor to Joy Cone.
About BoDeans
Headquartered in Le Mars, Iowa, BoDeans is the leading manufacturer of novelty ice cream cones, wafers and inclusions for the dairy pack channel. The BoDeans Baking Group includes Altesa, the largest ice cream cone producer in Mexico. Duggan Bertsch served as legal advisor to BoDeans.
