Dippin' Dots deal is done
Oklahoma City investors close deal to buy flash-frozen ice cream business out of bankruptcy.
Oklahoma City investors have closed their $12.7 million deal to buy Dippin' Dots Inc. out of bankruptcy.
Dippin' Dots LLC's acquisition of the flash-frozen ice cream company closed Friday after a U.S. Bankruptcy Court approved the deal earlier this month. Dippin' Dots Inc. filed for Chapter 11 bankruptcy protection in November owing millions to lenders in the wake of costly patent litigation.
Scott Fischer, president of Dippin' Dots LLC, said the newly acquired company plans to boost its number of locations this year to 2,000 from more than 1,600.
“The acquisition process went smoothly,” Fischer said. “Dippin' Dots is an outstanding brand, and thanks to the continued dedication of our Dippin' Dots employees, we are in a unique position to reconstruct the business model of one of the most recognizable brands in the retail market and to realize growth on an international scale.”
Dippin' Dots will keep its headquarters in Paducah, Ky., where about 165 people work at its production facility. Company founder Curt Jones will return to the firm to take over as CEO.
Fischer and his father, Mark Fischer, CEO and co-founder of Oklahoma City-based Chaparral Energy, are the chief investors in Dippin' Dots LLC.
Business Photo Galleriesview all
- 4046At least 51 die in Oklahoma tornado, official says
- 3397Oklahoma devastated by second round of twisters
- 3003How to help tornado victims
- 2509Read live updates from the May 20 Moore tornado
- 1115Several kids pulled out of Oklahoma school rubble alive
- 620Oklahoma twister tracked path of 1999 tornado
- 439Twitter reaction from the sports world on the Moore/OKC tornadoes