Who is scooping up Tip Top?
Fonterra has put iconic ice cream brand Tip Top up for sale, indicating that the brand had “reached its maturity as an investment” for the cooperative. Bids closed recently and Walter & Wild as well as R&R Ice Cream are believed to be among those interested in buying Tip Top.
It’s likely the ice cream manufacturing will need to be moved from its current site in Mt Wellington in Auckland, which means that a trade buyer with an existing processing capability will be the most likely to scoop up the deal.
It’s not the first time Tip Top has been sold, since its founders opened their first ice cream parlour in Wellington in 1936. Heinz Wattie owned it, then the Australians, then Fonterra – via Kiwi Dairies and a mega co-op merger.
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Fonterra has told investors to expect an update on the sale on March 20, when it is due to hand down its half-year financial results.