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.