The CEO of Friendly’s Ice Cream says not much will change about the company when it sells part of its business to a Texas-based firm. The Wilbraham, Massachusetts-based company announced it will sell its ice-cream making operations to Dean Foods of Dallas for $155 million. A Dean spokesperson says Friendly’s manufacturing plant and corporate headquarters will stay in western Massachusetts. Friendly’s CEO John Maguire says he also doesn’t expect any cuts in the workforce.
“They’re buying the expertise of the plant. I’m sure over time they’ll look to invest capital and the like,” Maguire says. “At this point, I’ve got no indications from them that they plan on changing the business model.”
Maguire says he expects the deal to close within two months. He says Dean has made a ‘long-term’ agreement to keep making Friendly’s ice cream in Wilbraham, but declined to specify how long. Friendly’s restaurants will continue to be owned by the private equity firm Sun Capital Partners, which bought the company in 2007.