Mike Wells is CEO/Chief Engagement Officer at Wells Dairy Inc. See Mike Wells's compensation, career history, education, & memberships. Beyond surviving for nearly a century, the company has achieved an enviable record of growth. Many people ask this question about the money Wells Enterprises makes from Facebook. Harrys son, Fred D. Wells, also joined the company. Leadership - Wells Leadership About Leadership Liam Killeen Chief Executive Officer and President Learn More Jeremy Pinkerman Executive Vice President Finance and Chief Financial Officer Learn More Mark Meyer Chief Operating Officer Learn More Santhi Ramesh Chief Commercial Officer Learn More Live market coverage co-anchored from Hong Kong and New York. Two of the oldest and most well-known banks in the United States, JPMorgan Chase & Co. (JPM) and Wells Fargo & Company (WFC), each offer private banking services to account holders who maintain balances above certain thresholds. The company sold a milk factory to Dean Foods and a yogurt factory to Grupu LALA in 2008. Enter employee name to find & verify emails, phones, social links, etc. He said his bankers at UBS Group AG put them in touch. Each sundae is a very indulgent, no apology for 450 to 600 calories for me kind of dessert option, Mr. Wells said. Copyright 2012 by Family Business Magazine. Ice cream is a challenging category it continues to grow in dollars and is relatively flat in per capita consumption and pound produced, Mr. Wells told Food Business News. 2 ice cream producer in US after buying East Coast maker", "Wells' Dairy selling milk plant, will focus on ice cream", "Mexican company buys Wells' Omaha yogurt plant", "History of Wells' Dairy, Inc. FundingUniverse", Wells' Dairy to build new plant in Utah - Allbusiness.com - January 2002, "Blue Bunny ice cream plant closing its doors", "Blue Bunny Ice Cream teams up with NASCAR driver Jimmie Johnson for Helmet of Hope", "Blue Bunny Helmet of Hope grant recipients announced | Hendrick Motorsports", "Wells Enterprises to be acquired by Ferrero Group", "Ferrero Group to acquire Wells Enterprises, maker of ice cream brands Blue Bunny and Bomb Pop", https://en.wikipedia.org/w/index.php?title=Wells_Enterprises&oldid=1142050734, Manufacturing companies established in 1913, Articles with dead external links from February 2016, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 06:57. A Sioux City man won the $25 cash prize for the winning entry of Blue Bunny after noticing how much his son enjoyed the blue bunnies in a department store window at Easter. Mike Wells began running routes for the dairy in 1977. The family owners of northwest Iowa-based Wells Enterprises, the ice cream maker best known for its Blue Bunny brand, announced Wednesday that they will sell the business to Italian-based. Later, he was promoted to an executive management position in the supply side of the business. Interest rate discounts for Chase private clients apply to home equity lines of credit (HELOCs) as well as traditional mortgages. Many people ask about the amount of money Wells Enterprises makes from Instagram. their budget proposal,and help guide you through the estimate process.Be wary of an abnormally low bid,they are not worth the risk.These underpriced projects often do not end well for the homeowner . Wells Enterprises's Annual Report & Profile shows critical firmographic facts: What is the company's size? We also reference original research from other reputable publishers where appropriate. (Mike declines to disclose current revenues but says they exceed $1 billion.) Italy has captured the Ice Cream Capital of the World. We had to streamline our structure, and we started at the family management level. In 1928 Fairmont Ice Cream purchased the ice cream distribution system in Sioux City along with the right to use the Wells name. For this reason, most big banks maintain self-contained departments that cater strictly to HNWIs. In addition to its ice. Wells Enterprises Company Stats Industry Food, Soft Beverages, Alcohol & Tobacco Founded 1913 Headquarters Le Mars, Iowa Country United States CEO and President Michael C. Wells Employees 2,500. The 8.5-oz soft serve-based desserts launched with 8 varieties and have grown to 16, including cookie crunch and fudge, peanut butter marshmallow and strawberry shortcake. Private Client Banking customers receive a private client advisor and access to the firm's global strategy and global solutions teams. Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Java Oracle . Please only use it for a guidance and Wells Enterprises's actual income may vary a lot from the dollar amount shown above. The third generation continued the expansion of Blue Bunny into western markets. 140 reviews from Wells Enterprises, Inc. employees about Wells Enterprises, Inc. culture, salaries, benefits, work-life balance, management, job security, and more. Now Wells has the structure and discipline of a publicly traded company and the advantages of being privately held., Mike says that the transition was handled amicably but also acknowledges the sacrifices family executives made in stepping down. The company has set a new sales record and reduced its debt. [9] In 2008, Wells Enterprises launched the Blue Bunny Helmet of Hope Program in partnership with the Jimmie Johnson Foundation. "We know the weaknesses of inbred family management," Doug Wells told Family Business. Private Banking vs. Wells, founded in 1913, is one . Get the full list, To view Wells Enterprisess complete patent history, request access, Youre viewing 5 of 8 executive team members. For example, the main part of the company, the North Plant, was built in Le Mars in the 1950s for the manufacture of ice cream products. The companys signature brand is Blue Bunny, with other brands including Bomb Pop, Blue Ribbon Classics and Chilly Cow. Details. Good health insurance & 401 (k). It allows consumers across the United States to nominate educational charities to receive a $25,000 grant. With the completion of the second plant, Wells Dairy claimed the title of the worlds largest manufacturer of ice cream in one location. Reflecting on the companys growth, Crane says, The public thinks of ice cream as a consumer product, but the heart of the business is superior manufacturing, innovation and a high degree of technology, and Wells excels in each of those areas.. On Wednesday, Mike Wells said he and his family were confident that local employees are in good hands. Operating two ice cream plants in Le Mars, Wells is the worlds largest manufacturer of ice cream in one location (which in turn has prompted Le Mars to claim the title of Ice Cream Capital of the World). Financial terms of the transaction were not disclosed. Many of these people were let go after speaking up to the wrong executive and bringing examples of workplace bullying to human resources.Read More, I applied online. Products that support health and fitness in the home comprise the first facet of wellness design, and appliances certainly contribute to that. The average Wells Enterprises salary is $58,331. For reprint information, contact bwenger@familybusinessmagazine.com. Meanwhile, new facilities were added in the postwar period. Bloomberg Daybreak Asia. In 1928 Fairmont Ice Cream purchased the ice cream distribution system in Sioux City from the Wells brothers along with the right to use the Wells name. [13], On 7 December 2022, the company announced its acquisition by Ferrero Group, an Italian manufacturer.[14][15]. It is the maker of Blue Bunny ice cream. In 2008, Wells sold its Le Mars milk plant to the Dean Foods Company and its dairy yogurt plant in Omaha to a Mexican company, Grupo LALA. Mike was in charge of demand, sales and marketing; Doug oversaw the supply side. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. While both banks offer an abundance of benefits for HNWIs, it comes down to the specific services that a client feels can provide the most benefit. The final list ranks the 500 companies. The family business began modestly as Wells' Dairy in 1913, when Fred H. Wells Jr. bought a horse-drawn wagon and delivered milk in northwest Iowa. cox.net; bluebunny.com; wellsenterprisesinc.com; gateway.com; conagrafoods.com; 5+ 605-770-XXXX; 605-460-XXXX; 402290XXXX; 402290XXXX; 402764XXXX; Their loans close faster because they receive priority processing and access to a special senior underwriting team. American Express Black vs. The company provides ice cream and other froz. It is the maker of Blue Bunny ice cream. Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. The sale, the terms of which neither privately held company disclosed, also marks the end of the Wells' family's 109-year-ownership of the company. 58% of job seekers rate their interview experience at Wells' Dairy as positive. As of January 2023, Wells Fargo is estimated to have a net worth of $365 billion, and these figures will continue to increase with time. 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Under the new plan, Wells would have a CEO/president in charge of the business, hire more outside talent and add three outside directors to the board. Wells produces the Blue Bunny brand, along with 2nd St. Creamery, Bomb Pop and several private label brands. The divestitures also marked Wells new focus on expanding nationwide sales of its core businesses, ice cream and frozen novelty products. Get the full list, To view Wells Enterprisess complete board members history, request access, To view Wells Enterprisess complete investments and acquisitions history, request access, To view Wells Enterprisess complete subsidiaries history, request access, To view Wells Enterprisess complete exits history, request access, Morningstar Institutional Equity Research, Cold dessert with gelatin-based component adapted for low temperature consumption, Cold dessert with gelatin-based component adapted for low-temperature consumption, Co-Owner, President, Chief Engagement Officer & Chief Executive Officer, Executive Vice President Finance and Chief Financial Officer, Senior Vice President of Marketing and Research & Development. In 1977, the company incorporated under Iowa law as Wells Dairy Inc. With the death of one second-generation partner and the retirement of another, the ownership and management of the company fell to brothers Roy and Fay and their cousin, Fred D. Wells. We are a Virginia-based residential construction and remodeling company providing affordability and quality workmanship to our customers. He said the two sides have been negotiating a deal for the last six months. Mike and Doug continued focusing on their areas of responsibilities, and in 2005 they were named co-presidents. Wells research and development department designed and manufactured new frozen products that doubled Weight Watchers business in six years. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Those seem to be the two areas that are really driving the ice cream category.. Fred H. Wells Jr. opened a milk route in 1913 in Le Mars after purchasing a horse, delivery wagon, and a few cans and jars for $250 from local dairy farmer Ray Bowers. We manufacture the store brands of other companies and, in exchange, they carry Blue Bunny in their stores. As one of Wal-Marts top 100 suppliers, Wells had to develop new technology to comply with the giant retailers mandates for inventory, safety and quality controls. Thats part of our business model. The Wells Visitor Center & Ice Cream Parlor draws about 200,000 people annually. It was a difficult but necessary decision, says Mike. We made tough decisions in 2007, and weve been proven right.. 00000. Wells Enterprises Profile and History . Not surprisingly, more people are booking spa treatments while on vacationespecially post-pandemic. Net Worth: What It Is and How to Calculate It, How Banking Works, Types of Banks, and How To Choose the Best Bank for You, The Private Bank By Invitation Visa SignatureCard Account Agreement. A commercial bank is a financial institution that accepts deposits, offers checking and savings account services, and makes loans. As we have continued to add lines to our current facilities, were within a couple of lines of being absolutely tapped out in regards to our capacity and our ability to grow. The best backpacking sleeping bags should be lightweight, pack well and most importantly, keep you from freezing to death. Wells Enterprises Inc. turns 99 this year, and it has plenty to celebrate. In addition, Wells is the licensee for Weight Watchers Ice Cream. We manufacture their store brand ice cream, Great Value, and they carry our Blue Bunny brand. Adding outside directors to the board was another critical building block in navigating the transition. Markets never sleep, and neither does Bloomberg. He said his family believed the Ferrero organization was the right fit for the brand's legacy. It also operates wells Fargo history museums, which some of the 12 museums the company owns. Meanwhile, those who actively trade stocks and concern themselves more with the brokerage side of a bank's business may be better off with JPMorgan Chase. Spouses and trust beneficiaries would have the same status as other shareholders. In 2004, the weight-loss company approached Wells about developing new products under the Weight Watchers label. For additional information on this line of business, refer to the external Careers Site at wellsfargojobs.com . Company president Liam Killeen, who joined Wells Enterprises in 2014, will become the ice cream maker's new CEO. A survey showed that their immediate interest was in learning how to interpret financial statements. LE MARS, IOWA Wells Enterprises, Inc., the third-largest ice cream manufacturer in the United States, has acquired Fieldbrook Foods from Arbor Investments. It's actually a myth about how to make money on Facebook Wells Enterprises, Inc. is an American food company and is the largest family-owned and managed ice cream manufacturer in the United States, based in LeMars, Iowa. Visual Basic .NET Microsoft . Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Given the challenges facing the company, we realized that our businesss needs were greater than the familys. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, From Bunny Tracks ice cream to red-white-and-blue Bomb Pops, Wells Enterprises' dairy spans the frozen treat spectrum. You can learn more about the standards we follow in producing accurate, unbiased content in our. In just two years, the shareholders council has accomplished what the board had hoped, Hylton says. This was more about the opportunity to do the right thing for our community of employees and our families than it was an opportunistic transaction," Mike Wells said. Seven years later, in 1935, the . Wells announced yet another expansion in Le Mars in May. Initially, Mike Wells said, the two sides discussed a potential partnership that would allow Wells' ice cream makers to use Ferrero's brands. He started off delivering milk from his horse-drawn carriage and later began producing ice cream with his four sons. It was a critical time for the business. Wells Enterprises's headcount grew by 5 people (0.39%) in the last . (According to Bloomberg, Giovanni Ferrero has a net worth of $41.8 billion, making him the 28th richest person in the world and the richest person in Italy.). Track your investments 24 hours a day, around the clock from around the world. Current Employee. It's best known for its more than 500 Blue Bunny-branded ice cream and frozen novelty products (which come in more than 70 flavors). The popularity of their product encouraged Fred and his brother, Harry C. Wells, to set up a partnership in 1927 to distribute their ice cream in Sioux City, about 25 miles from Le Mars. They knew how to develop formulas and flavors, says Doug, and had a lot of fun coming up with the different combinations that made their ice cream so popular.. We use cookies to provide you with a better experience. In 1983 it made its first reach out of state when it bought a facility in Omaha, Neb., and remodeled it as a processing plant for milk, yogurt and fruit juice. Mike has a real passion for the business and its role in the industry, and the right combination of talents to lead the company.. P 540-370-9911; E info@wellsenterprisesconstruction.com; Around 1925, Wells and his sons began manufacturing ice cream and selling it in neighboring Iowa towns: Remsen, Alton and Sioux City. The U.S. market for ice cream and related frozen desserts reached $25 billion in 2009, and the giant multinational companies Nestl and Unilever control half of all sales. Family and non-family management engaged in long discussions about how Wells could best position itself to grow and thrive in an increasingly competitive industry. Helpful. Like at Chase, clients receive special interest rate pricing based on deposit account totals. The offers that appear in this table are from partnerships from which Investopedia receives compensation. In 2007 and 2008, Wells sold its cultured dairy and fluid milk business to Dean Foods and its yogurt business to Grupo Lala. The process was pretty quick, and I heard back within a couple of weeks. [1] Wells produces the Blue Bunny brand, along with 2nd St. Creamery, Bomb Pop and several private label brands. Looking for a particular Wells Enterprises employee's phone or email? The council helped us understand what shareholders want, but their concerns will change as the business changes. 2023 Forbes Media LLC. Sign up for a free account. Uncover why Wells Enterprises, Inc. is the best company for you. After getting approval from the shareholders, the council approved the slate of four candidates, representing two family branches and two generations, at its January 2010 meeting. More:Can an Iowa company make low-calorie Halo Top 'ice cream' a tastier dessert? Recognizing an opportunity to take its business to the next level, it made two major investments. Learn more about how we will bring joy to consumers around the world. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. More recently, it bought ice cream factories in Nevada and New York and purchased the low-calorie frozen dessert brand Halo Top in 2019. The Wells familys commitment to preserving and growing its business, which included making bold changes in family management and the board of directors, has allowed it to gain a strong foothold in the hugely competitive ice cream industry. This process adjusts the amortization table for the remaining term and allows more of each subsequent payment to go to principal versus interest. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Im really proud of being a Wells, and I love our ice cream.. Ferrero owns 35 brands, including Kinder and Tic Tac. The post-World War II economic boom triggered a new era for Wells Dairy. The Wells Enterprises management team includes Mark Eganhouse (Vice President, Supply Chain) . 4.0. Wells Enterprises, maker of the Blue Bunny ice cream brand, has ambitious plans to grow way beyond $1 billion in sales. "Given the size and scale of the business and the unbelievable personal responsibility and time requirements, there just wasnt anybody in the next generation that had an interest in being involved in the day-to-day business," he said. Last year, Wells Enterprises launched two new product lines that Mr. Wells said embody the two major trends driving the ice cream industry: permissible indulgence and healthier lifestyle foods. When the brothers decided to resume selling ice cream in Sioux City in 1935, they had to create a new brand name. {{ userNotificationState.getAlertCount('bell') }}. Founded in 1913, Wells Enterprises is a family-owned and managed ice cream manufacturer and maker of Blue Bunny ice cream, Chilly Cow, Halo Top, Bomb Pop, and Blue Ribbon. Wells had succeeded in making Blue Bunny a regional brand. Wells Enterprises Inc. turns 99 this year, and it has plenty to celebrate. Now I have a chance to give something back.. The stock has lost 7.38% in a year and fallen 60.56% in 2023. Wells Enterprises has its office as well as two factories in Le Mars. Wells continues to work towards more sustainable solutions, including our latest initiative: moving our Blue Bunny 4-ounce ice cream cups away from foam to clear, recyclable plastic polypropylene. Wells Enterprises, Inc. is an American food company and is the largest family-owned and managed ice cream manufacturer in the United States, based in LeMars, Iowa. Wal-Mart is a demanding partner, says Mike, but its fair., Wells has also built a profitable partnership with Weight Watchers. Wells Enterprises Inc - Company Profile and News - Bloomberg Markets Live Now Bloomberg TV+ Emma Barnett meets. 57% of employees think that Wells' Dairy has a positive business outlook. The company sold other dairy products, like milk, cottage cheese and sour cream. Search over 700 Now we have a mechanism for staying in touch., As the only daughter in the family, I wasnt expected to work in the business and I hadnt served on the board, so its gratifying to be part of it now, Sargeant says. Tyler Jett covers jobs and the economy for the Des Moines Register. Design, CMS, Hosting & Web Development :: Subscribe to Food Business News' free newsletters to stay up to date about the latest food and beverage news. The new name recognized the family ownership of the company while ending customers confusion about whether the company still distributed milk. 000000&0 00000. I feel blessed to be the beneficiary of the hard work of family members whove been active in the business, she says. The centerpiece of the expansion is a 900,000-square-foot (84,000 m2) plant, which in addition to manufacturing includes a 12-story-tall freezer. (Podcast). They added an ice cream distribution company in the 1920s, a business they sold to a competitor. Posting location: Greenwich, CT. Pay Range. Disclamer: Wells Enterprises net worth displayed here are calculated based on a combination social factors. Founded in 1913 by Fred H. Wells, Wells Enterprises produces more than 150 million gallons of ice cream per year at two manufacturing plants in Le Mars and distributes product in all 50 states. Really great medical, dental and vision benefits with the company. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Website: www.wellsdairy.com Headquarters: Le Mars, IA Size: 1001 to 5000 Employees Founded: 1913 Type: Company - Private Industry: Food & Beverage Manufacturing Revenue: $500 million to $1 billion (USD) Competitors: Ben & Jerry's, Unilever, Dreyer's Create Comparison The company employs 38,000 workers in 170 countries, according to a news release. "They need all of our management. Mike Wells said he became friends with Giovanni Ferrero, the company's executive chairman. Overall, 64% of employees would recommend, Work Here? "Le Mars-based Wells Enterprises vaults to No. The family retained ownership and management of the business after it was incorporated under Iowa law in 1977 as Wells' Dairy, Inc.[5], The newly incorporated business expanded in the 1980s. In the 1950s, it built a new facility in Le Mars for manufacturing ice cream products; in 1963, it constructed a fluid milk processing plant. Were excited for the future and growing our business together.. So we are playing to both trends: the permissible indulgence trend as well as the health trend. $138,500.00 - $287,600.00 Annual. On this Wikipedia the language links are at the top of the page across from the article title. 10 Checking Accounts That the Ultrarich Use. If you apply yourself you will succeed with Wells. In 1985, City Administrator Jim Payne credited Wells and Harker's, a frozen foods processor, with keeping the town alive during the farm crisis. When managing such large sums of money, even small variations in returns, fees, rewards, and benefits can make a significant difference. The winning entry in their Name That Ice Cream Contest was Blue Bunny, inspired by a local department stores Easter window display featuring colorful rabbits. The trend that we really see is that consumers will spend all week long exercising and eating healthy and then be a little more indulgent on the weekends. The company provides ice cream and other froz, dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla par. Forbes partnered with research firm Statista to survey workers at U.S. companies and institutions with 1,000 to 5,000 employees. Wells Enterprises, Inc. is an American food company and is the largest family-owned and managed ice cream manufacturer in the United States, based in LeMars, Iowa. It seems you've been gone for a while. Wells' Dairy built a new ice cream factory in 1950, followed by a fluid milk processing factory in 1963, according to a history of the company in Family Business. While entrepreneurs take pride in working long hours to build success, they often find it hard to create a self-care space. K ) 58 % of employees think that Wells ' Dairy as positive use Wells... To 600 calories for me kind of dessert option, Mr. Wells said mike, but its,... Providing affordability and quality workmanship to our customers new brand name guidance and Wells Enterprises makes Facebook... Grupu LALA in 2008 friends with Giovanni Ferrero, the company help you gauge companys. 2007 and 2008, Wells has also built a profitable partnership with Weight Watchers 's new CEO to trends! The second plant, Wells is the best backpacking sleeping bags should be lightweight, pack and! Language links are at the family ownership of the world amount shown above Foods... Special interest rate discounts for Chase private clients apply to home equity lines of credit ( HELOCs ) well. % in 2023 discussions about how we will bring joy to consumers around the clock from around the from... Why Wells Enterprises, Inc. is the maker of Blue Bunny brand the completion of the business changes hours. Income may vary a lot from the article title companys traction and growth using web and! The family ownership of the biggest financial crimes of the page across from article... Work of family members whove been active in the postwar period structure, and certainly. And fallen 60.56 % in 2023 also reference original research from other reputable publishers where appropriate the of. Froz, dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla.. 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And thrive in an increasingly competitive industry the wells enterprises net worth for Weight Watchers label from... Has its office as well as traditional mortgages follow Bloomberg reporters as uncover! Distributed milk solutions teams management engaged in long discussions about how we bring! Company approached Wells about developing new products under the Weight Watchers ice Capital., dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla par now Bloomberg TV+ Emma meets... The divestitures wells enterprises net worth marked Wells new focus on expanding nationwide sales of its core businesses, ice cream in City! Signature brand is Blue Bunny brand grow way beyond $ 1 billion in sales spouses and trust would... Chilly Cow Doug oversaw the supply side } } provides ice cream Parlor draws about 200,000 people.. Brothers decided to resume selling ice cream Parlor draws about 200,000 people annually rate! 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