Oklahoma investor group acquires Dippin' Dots
May 3, 2012
OKLAHOMA CITY — A group of Oklahoma investors who formed Dippin’ Dots L.L.C. has received approval from a U.S. Bankruptcy Court in Louisville to acquire the assets of Paducah, Ky.-based Dippin’ Dots, Inc., which filed for bankruptcy in November 2011.
The buyer is unaffiliated with Dippin’ Dots, Inc., the past owners of the ice cream novelty company.
“We’re extremely pleased to take the next step toward making the acquisition official,” said Scott Fischer, president of the new Dippin’ Dots, L.L.C. “The Dippin’ Dots brand resonates worldwide, and we look forward to growing this company for years to come. This transaction has gone extremely well, as all parties involved have exhibited a keen interest in the future of the company and its wonderful employees. We are prepared for an expedient and smooth transition to new ownership.”
Dippin’ Dots, Inc. is known for its flash-frozen ice cream. The products are made from fresh dairy ingredients that are frozen almost instantly in liquid nitrogen. The company makes the product in Kentucky and sells to theme parks, concert and sports venues, and to a network of more than 125 franchisees nationwide. The company also sells internationally to customers and licensees in Canada, Europe, South Korea, Brazil, Japan and Australia. Dippin’ Dots employs approximately 165 workers at its facility in Paducah.
Curt Jones, who invented Dippin’ Dots in 1987, is expected to resume his position as chief executive officer under the new ownership team.
“I’m excited about the future of Dippin’ Dots, and I’m eager to lead the company through the upcoming years of growth,” Mr. Jones said. He will oversee the company’s day-to-day operations and will hold a position on the company’s newly-formed board of directors.
Mr. Fischer said the company’s headquarters will remain in Paducah.
“When we were exploring the possibility of purchasing Dippin’ Dots, we were consistently impressed by the quality and dedication of the Dippin’ Dots employees,” he said. “Keeping the headquarters in Kentucky just made sense, and we’re proud to maintain what has historically been a mutually-beneficial relationship between Dippin’ Dots and the Paducah community. With that relationship intact, we are confident the future of the company stands on solid ground.”