Thrifty Ice Cream, the beloved West Coast brand known for its quirky flavors and signature cylinder-shaped scoops, has been saved from a meltdown, thanks to an unexpected twist. In the wake of Rite Aid’s bankruptcy and the closure of over 500 in-store Thrifty Ice Cream counters, Monster Energy’s top executives, through their investment firm Hilrod Holdings, swooped in to acquire the 80-year-old brand. Here’s what we know so far about the surprise deal.
Thrifty Ice Cream’s Future Secured Amidst Rite Aid’s Restructuring
The iconic Thrifty Ice Cream, a nostalgic and budget-friendly treat for generations of Rite Aid shoppers, faced an uncertain future earlier this year. As Rite Aid embarked on widespread store closures, the fate of hundreds of integrated Thrifty Ice Cream counters hung in the balance. These counters, being an intrinsic part of the pharmacies, could not simply be divested as standalone assets, leading to concerns that they might vanish alongside the closing stores.
Fortunately, a new chapter is beginning for the beloved creamery. A recent bankruptcy court filing, obtained by Fast Company, revealed that Rite Aid has successfully identified a buyer for its Thrifty Payless subsidiary, which crucially includes the Thrifty Ice Cream brand. This acquisition, valued at $19.2 million, signals a promising future for the ice cream operation.
The successful bidder for Thrifty Payless is Hilrod Holdings, a limited partnership with notable connections to Monster Beverage executives Hilton Schlosberg and Rodney Sacks. While the specific plans Hilrod Holdings has for Thrifty Ice Cream remain undisclosed, a court hearing concerning the matter took place earlier this week, suggesting more details may soon emerge.
This development brings a sigh of relief to fans of Thrifty Ice Cream, ensuring its continued availability beyond Rite Aid’s restructuring. The acquisition by Hilrod Holdings opens up new possibilities for the brand, and the industry awaits further announcements regarding its strategic direction.
Thrifty Ice Cream’s Storied Past and Promising Future
Long before chain pharmacies became purely clinical, ice cream counters were a staple of the drugstore experience—a tradition steeped in nostalgia and neighborhood charm. Among them, one brand stood out: Thrifty Ice Cream, Rite Aid’s beloved in-house creamery.
Thrifty’s story began in 1940 at a small factory in West Hollywood, where locals quickly lined up at the downtown Los Angeles Thrifty Drug Store to savor hand-scooped treats from its soda fountain. The ice cream’s exceptional quality earned awards at the L.A. County Fair and, by the 1970s, Thrifty had cemented its cult status along the West Coast, even receiving praise from celebrities and loyal fans alike.
Part of what makes Thrifty so iconic is its patented cylindrical scoop, which gives each cone its signature shape, and its bold approach to flavor innovation. From classic favorites to out-of-the-box offerings like Bacon & Cheddar or Sriracha Swirl, the brand’s creative spirit has never wavered.
That spirit is kept alive by the longtime employees at its El Monte, California, plant—many of whom have been crafting small-batch ice cream for over 30 years. Each carton is still hand-scooped and signed by the team behind it, who taste-test hundreds of new flavors annually. As the brand proudly says, “It’s a hard job, but somebody’s gotta do it!”
Now acquired by Hilrod Holdings, Thrifty Ice Cream enters a new chapter—one that promises to preserve its nostalgic charm while paving the way for an exciting, reimagined future.
Source: Fast Company, Penn Live