PROGRESS: Wells Enterprises looks to keep momentum going in 2023

In a 365-day stretch, the 110-year-old Le Mars-based ice cream company: installed seven new lines at its plant; further invested in training and developing its employees; unveiled plans to settle into a new storage space at Sioux City’s Southbridge Business Park; backed the 27th iteration of “Ice Cream Days”; and even got mentioned on SNL. For just the capital investment, the company anticipated it would add 135 new jobs, 82 of which were to pay at least $23.94 per hour. Meanwhile, the cold storage facilities will hold roughly 10,000 pallets of its products.

At the same time, the company’s then-CEO, Mike Wells: sat as board chair for the Siouxland Initiative (the Siouxland Chamber of Commerce division specifically working on economic development); continued to push for the Plywood Trail to help connect a number of Iowa towns; oversaw work done by Side by Side Ministries (a religious-based organization he and his wife, Cheryl, started); and announced the company (which Fred H. Wells Jr. founded) would be sold to the Italian-based Ferrero Group and that he would be stepping down as CEO after 15-plus years.

The deal with Ferrero, which is best known for its Kinder Joy, Nutella, Tic Tac and Rocher products, took months to work through prior to Mike Wells making it known. It grew out of talks between the two companies about producing ice cream products inspired by Ferrero candies. Those discussions got going in 2019.

The transaction officially closed on Jan. 23, 2023, and Liam Killeen is now the chief executive officer and president of Wells Enterprises, the first company head not named Wells since its inception. Killeen started with Wells in April 2015 as the chief operating officer and previously worked with Ferrara Candy Company/Farley’s & Sathers, Inc.

The exact dollar amounts of the Wells-Ferrero deal are unknown as both companies are privately held. Ferrero has previously reported revenue of more than $13 billion as recently as 2021. In December 2022, the Associated Press reported Wells Enterprises expected revenue of more than $1.7 billion for its fiscal year.

Since the takeover was made official, not much has changed for the Le Mars giant.

“Business as usual for Wells and our employees,” Wells Enterprises Director of Communications Lesley Bartholomew said in a statement.

When Mike Wells made the announcement in early December, he assured all the company’s 2,700 Le Mars employees, whether blue- or white-collar, would retain not only their pay and position but their present titles, too. The name of the company would also stick around. That expressed commitment to the region was well-received by business leaders and politicians alike.

“I want to express my gratitude to Mike Wells and his family for insisting that Iowa remain the home of Wells Enterprises including its facilities, products, and people as the business begins this new chapter,” Iowa Gov. Kim Reynolds said in a statement in December.

Merely staying in place isn’t enough for the Northwest Iowa business. In 2023, Wells Enterprises is looking to grow even more.

“A successful year for Wells will be to fuel the growth of two family companies and deliver on our vision for accelerated growth in the ice cream industry,” Bartholomew said. “Wells and Ferrero, together we sweeten life!”