USA – An investment fund managed by Michigan-based Lakeview Capital has closed its acquisition of The Mochi Ice Cream Company, makers of My/Mo Mochi Ice Cream and mochi ice cream in North America.
My/Mo Mochi Ice Cream is headquartered in Los Angeles, California and was owned by Century Park Capital Partners – prior to Lakeview’s acquisition.
Century Park acquired majority control of The Mochi Ice Cream Company in 2015 at a time when the company’s mochi ice cream was primarily sold in niche ethnic grocery stores and certain foodservice channels.
Post-acquisition, Century Park brought in a new executive management team, and worked to develop and launch My/Mo, its general market brand, in 2017.
Since then, My/Mo has grown substantially; the Company has successfully launched new flavors, an innovative triple-layer version, a vegan option, seasonal items, and pioneered the My/Mo Mochi Ice Cream Bar TM, a self-serve mochi ice cream freezer case.
The company now prides as the creator of the mochi ice cream category – a handheld snack of premium ice cream wrapped in a sweet, pillowy rice dough – and the leading national brand currently available in over 20,000 retailers throughout the United States.
According to the terms of the acquisition, Craig Berger, President and CEO of The Mochi Ice Cream along with the management team, will remain with the company in their current roles under the new ownership.
“Under Lakeview’s ownership, we are very excited to continue building on the incredible momentum we have generated,” said Mr. Berger.
“Lakeview has a proven track record of success, and through our shared vision and collaboration, we will continue to grow and expand our business.”
Jake Freeman, Director of Investments for Lakeview Capital, added: “We’re thrilled to be partnering with a focused, seasoned management team to support growth in the snack category, a segment we find very attractive.
“We are closely aligned with the team on our plans to deploy significant capital to continue to build a leading, global branded mochi snack platform.”
Terms of the transaction were not disclosed. Lakeview Capital said that the acquisition provides The Mochi Ice Cream with resources and support to expand growing mochi snack platform.