Dippin’ Dots to be acquired by ICEE parent J&J Snack Foods for $222 million

dippin’-dots-to-be-acquired-by-icee-parent-j&j-snack-foods-for-$222-million

ICEE and Minute Maid frozen beverage parent J&J Snack Foods Corp. JJSF, +3.49% announced Thursday an agreement to buy flash-frozen beaded ice cream maker Dippin’ Dots LLC for $222 million. The deal, which is expected to close by the end of June, will be funded through cash and debt financing. The deal is expected to add to 30 cents to 40 cents to earnings per share in the first 12 months after closing. “Dippin’ Dots aligns perfectly with J&J’s portfolio strategy by adding an iconic, differentiated brand that uniquely complements our frozen novelty and frozen beverage businesses,” said J&J Chief Executive Dan Fachner. J&J’s stock, which is still inactive in premarket trading, has dropped 24.8% year to date, while the S&P 500 SPX, -0.58% has declined 17.7%.

Source: Marketwatch

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