LE MARS, Iowa (KTIV) -
Wells Enterprises, Incorporated, the maker of Blue Bunny Ice Cream, is trying to raise capital to grow its business.
The company headquartered in Le Mars, Iowa announced two years ago it wants to be the number one ice cream company in the country by the year 2020.
To do that the company has started looking at ways to get money for that type of growth.
Dave Smetter, Vice President of Marketing and Communications, said that could come from several options including borrowing from a bank or taking on outside investors. According to Smetter, whatever they feel is the right fit.
It's a decision they plan to make by the end of the year.
Here is the full statement issued by the company:
"Consistent with our vision to become the number one ice cream company in America by 2020, Wells Enterprises, Inc. has begun a strategic process to raise capital to support our growth strategy. The process is expected to be completed by year-end. We have built a strong platform from which to expand our business and are excited to undertake this process as we continue to develop high quality, innovative products for our customers. We are proud of our long history of success and look forward to building on that tradition as our company takes this next step to grow the business and position Wells for the next 100 years."
While a national financial publication suggested the news means Wells is for sale, Smetter said "That's purely speculation at this point, because the process is ongoing and we haven't identified the right form of capital to fund our growth."
Wells employs more than 2,500 people. In 2007, the company sold off its milk and yogurt operations to Dean Foods.
