The third generation started learning about the family business by working summer jobs as high school and college students. These services include financial advisory services, mutual funds, securities-based lending, annuities, and college planning, which includes tax-advantaged 529 plans. Around 1925, Wells and his sons began manufacturing ice cream and selling it in neighboring Iowa towns: Remsen, Alton and Sioux City. By 2006, Wells had become a billion-dollar company with a national reach. In 2006 its sales passed the $1 billion mark, placing it in a select group of family firms with revenues of that size. Wells Enterprises Profile and History . For specific FINRA qualification exams obtained after 9/30/2018, the Securities Industry Essentials . Weight Watchers and Wells are examples of good licensing partners, says Mike. [7] In 2014 Wells announced it would be closing the St. George, UT facility. The centerpiece of the expansion is a 900,000-square-foot (84,000 m2) plant, which in addition to manufacturing includes a 12-story-tall freezer. In 1977, the company incorporated under Iowa law as Wells Dairy Inc. With the death of one second-generation partner and the retirement of another, the ownership and management of the company fell to brothers Roy and Fay and their cousin, Fred D. Wells. "Every interaction is an opportunity to improve your relational skills.". Tyler Jett covers jobs and the economy for the Des Moines Register. We use cookies to provide you with a better experience. In 2001, the second generation stepped aside, passing the reins to the next generation. The company sold a milk factory to Dean Foods and a yogurt factory to Grupu LALA in 2008. In a sign of how important the business has been to the community, in 1994, the Iowa Legislature passed a bill to name Le Mars the "Ice Cream Capital of the World," and the city has become a frequent stop among presidential candidates during the Iowa caucuses. Mike Wells began running routes for the dairy in 1977. The company produces more than 120 million frozen novelties and 25 million gallons of ice cream a year. These special banking divisions offer a host of services not available to traditional clients, such as a dedicated wealth management representative, concierge banking, discounted mortgages, and perks and rewards on credit cards. Private banking consists of personalized financial services and products offered to the high net worth individual (HNWI) clients of a bank or other financial institution. Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. The estimated salary at Wells Enterprises, Inc. ranges from approximately $38,806 per year for Packer to $133,020 per year for Sales. Here are some of the critical enterprise technology trends that I believe will shape the next growth phase. Dougs brothers Gary M. and Dan W., and Mikes brother, Greg A., also followed similar trajectories in the company. [10][11][12], In 2009, at a time when due to changed ingredients, some ice creams fell outside the FDA definition of standardized Ice Cream (and started selling "frozen dairy dessert"), Wells' Dairy put a seal that said "Real Ice Cream" on all Blue Bunny products. Chase Private Client service offers a dedicatedPrivateClientAdvisor to assist with planning and executing investments. Now we have a mechanism for staying in touch., As the only daughter in the family, I wasnt expected to work in the business and I hadnt served on the board, so its gratifying to be part of it now, Sargeant says. In 1985, Wells employed 430 workers in Le Mars. Candidates give an average difficulty score of 2.8 out of 5 (where 5 is the highest level of difficulty) for their job interview at Wells' Dairy. Gary was CEO, Dan was president of the procurement group and Greg worked in sales. Now I have a chance to give something back.. 58% of job seekers rate their interview experience at Wells' Dairy as positive. Platinum Amex Card: What's the Difference? Lansing Crane, the former chair and CEO of venerable paper company Crane & Co. Inc., joined Wells board in 2010. Wells, because his father and uncles were willing to work six and a half days a week to grow the business. Introducing A Difference You Can See. Why? Wells Enterprises acquisition of Fieldbrook is part of the companys long-term growth strategy, said Michael C. Wells, president and chief executive officer of Wells Enterprises. He said his relationship with Ferrero managers began in 2019, when he toured Europe to observe new trends in the frozen desserts industry. Wells Enterprises's Annual Report & Profile shows critical firmographic facts: What is the company's size? To get a job at Wells' Dairy, browse currently open positions and apply for a job near you. American Express Black vs. [6] The ice cream had remained largely a regional brand until 1992 when it began an aggressive program to expand nationally. This process adjusts the amortization table for the remaining term and allows more of each subsequent payment to go to principal versus interest. In 1927 Fred H. Wells and his brother, Harry C. Wells, began a partnership to distribute ice cream in Sioux City, Iowa, located about 25 miles south of Le Mars. ALSO READ: Adani Group plans to repay up to $790 million share . These are continued divergent trends, Mr. Wells said. Wells Enterprises markets its products throughout the United States. Headquartered in Dunkirk, N.Y., Fieldbrook is a private label and co-manufacturer of ice cream and frozen novelty products, including ice cream sandwiches, cups, cones and stick novelties. 2023 Forbes Media LLC. The popularity of their product encouraged Fred and his brother, Harry C. Wells, to set up a partnership in 1927 to distribute their ice cream in Sioux City, about 25 miles from Le Mars. their budget proposal,and help guide you through the estimate process.Be wary of an abnormally low bid,they are not worth the risk.These underpriced projects often do not end well for the homeowner . Wells Enterprises employees earn an average salary of $58,331 in 2023, with a range from $34,000 to $97,000. Fortunately, history provides a guide. The stock has lost 7.38% in a year and fallen 60.56% in 2023. The process took 4 weeks. We knew the weaknesses of inbred family management, says Doug. Home; Our Company; Products/Services; Locations; Gallery; Testimonials; Blog; Contact Us; Contact US. The company is best known for its Blue Bunny brand of ice cream and frozen novelties, including chilly Blue Ribbon Classics, Halo Top, and the Fourth of July favorite, red-white-and-blue Bomb Pop. Last year, Wells Enterprises launched two new product lines that Mr. Wells said embody the two major trends driving the ice cream industry: permissible indulgence and healthier lifestyle foods. Once you get a positive response, make sure to find out about the interview process at Wells' Dairy and prepare for tough questions. Mike Wells is CEO/Chief Engagement Officer at Wells Dairy Inc. See Mike Wells's compensation, career history, education, & memberships. SQL International Organization for Standardization . Copyright 2012 by Family Business Magazine. Need a deeper bench? [13], On 7 December 2022, the company announced its acquisition by Ferrero Group, an Italian manufacturer.[14][15]. With three ice cream manufacturing facilities in operation, Wells had the capacity to significantly increase production of its Blue Bunny brand and to become a licensee, manufacturing ice cream for other companies under their brand names. This compensation may impact how and where listings appear. In August 2008 the board proposed setting up a shareholders council to facilitate communication among the board, managers and shareholders. Whether its a soothing body wrap, a deep tissue massage or a hydrating facial, these spas offer a variety of menu options. The U.S. market for ice cream and related frozen desserts reached $25 billion in 2009, and the giant multinational companies Nestl and Unilever control half of all sales. Then, in 1992, it built a second facility on the south side of towna 900,000-square-foot plant with a freezer 12 stories tall. And then theres still a whole bunch of people that look at the ice cream category not for health, but they look at it for indulgence. Our goal is to be the No. (Annual sales and employees) Either way, Wells said he knew the company needed an outside suitor as it continued to expand. During a call in January, Wells said he invited Ferrero to Le Mars, an offer that the latter took him up on in June. Wells Enterprises Inc. manufactures dairy products. I feel blessed to be the beneficiary of the hard work of family members whove been active in the business, she says. The restructuring of management and board was not a reflection on the leadership of the other family members, she says, but rather a reflection on the familys strength in embracing change and innovation. 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Wells, Wells Enterprises produces more than 150 million gallons of ice cream per year at two manufacturing plants in Le Mars and distributes product in all 50. Investopedia does not include all offers available in the marketplace. It is the maker of Blue Bunny ice cream. Wells will step down as CEO, ending a run of family leadership that dates to his great uncle in 1913. These discounted rates apply to fixed-rate mortgages for the life of the loan and to adjustable-rate mortgages (ARMs) until the first adjustment. Search over 700 What Is a Family Office and Do You Need One? Manufacturer of ice cream, frozen novelties and specialty frozen desserts. But many dont know where to start. Each sundae is a very indulgent, no apology for 450 to 600 calories for me kind of dessert option, Mr. Wells said. Uncover why Wells Enterprises, Inc. is the best company for you. [5], In the mid-1980s the firm's North Plant in Le Mars was enlarged through the purchase of five adjacent lots. Wells, is associate marketing manager of Wells retail brand. His brother Harry C. Wells joined the business, as did his sons. Spouses and trust beneficiaries would have the same status as other shareholders. The partnership succeeded, says Fay Wells son Doug J. They added an ice cream distribution company in the 1920s, a business they sold to a competitor. Wells Fargo is a well-established institution over the years . Fred H. Wells founded the family enterprise in Le Mars in 1913. Deanne Stone is a business writer based in Berkeley, Calif. The buyer pays cash for the property, and can then apply for a mortgage with Wells Fargo within 90 days. 00000. Track your investments 24 hours a day, around the clock from around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. But what does it mean to be an ethical leader? Glassdoor gives you an inside look at what it's like to work at Wells' Dairy, including salaries, reviews, office photos, and more. Looking for a particular Wells Enterprises employee's phone or email? We had to streamline our structure, and we started at the family management level. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. After getting approval from the shareholders, the council approved the slate of four candidates, representing two family branches and two generations, at its January 2010 meeting. But through it all we've stuck to our roots. Normally the ad cost for an Instagram ad post is based on the number of followers on the account. Wells produces the Blue Bunny brand, along with 2nd St. Creamery, Bomb Pop and several private label brands. Wells Enterprises net worth Dec, 2022 Wells Enterprises, Inc. is an American food company and is the largest family-owned and managed ice cream manufacturer in the United States, based in LeMars, Iowa. Theyre looking for things that are free-from, that meet the lifestyle needs and desires of the ever-changing millennial and now Gen Z consumer. This position is not eligible for Visa sponsorship. Doug, like all of the third generation, had spent his adult years working in the family business, and he says it was difficult to walk away. It wasnt my goal to retire at 55, he says, but sometimes you have to look at yourself in the mirror and ask what you want to do and whats the right thing to do. Wells research and development department designed and manufactured new frozen products that doubled Weight Watchers business in six years. Many of these people were let go after speaking up to the wrong executive and bringing examples of workplace bullying to human resources.Read More, I applied online. Wells Enterprises. The divestitures also marked Wells new focus on expanding nationwide sales of its core businesses, ice cream and frozen novelty products. 2 ice cream producer in US after buying East Coast maker", "Wells' Dairy selling milk plant, will focus on ice cream", "Mexican company buys Wells' Omaha yogurt plant", "History of Wells' Dairy, Inc. FundingUniverse", Wells' Dairy to build new plant in Utah - Allbusiness.com - January 2002, "Blue Bunny ice cream plant closing its doors", "Blue Bunny Ice Cream teams up with NASCAR driver Jimmie Johnson for Helmet of Hope", "Blue Bunny Helmet of Hope grant recipients announced | Hendrick Motorsports", "Wells Enterprises to be acquired by Ferrero Group", "Ferrero Group to acquire Wells Enterprises, maker of ice cream brands Blue Bunny and Bomb Pop", https://en.wikipedia.org/w/index.php?title=Wells_Enterprises&oldid=1142050734, Manufacturing companies established in 1913, Articles with dead external links from February 2016, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 06:57. Lorem ipsum dolor sit amet consectetur adipisicing elit. Really great medical, dental and vision benefits with the company. Now Wells has the structure and discipline of a publicly traded company and the advantages of being privately held., Mike says that the transition was handled amicably but also acknowledges the sacrifices family executives made in stepping down. Get contact details including emails and phone numbers The combination creates a stronger platform for growth and positions us to better serve our customers, as well as providing a more geographically diverse footprint for us. To explore Wells Enterprisess full profile, request access. Enter employee name to find & verify emails, phones, social links, etc. The mortgage rewards for Wells Fargo Private Clients cover different territories. Related by Industry: Food, Soft Beverages, Alcohol & Tobacco, In the last Mid-Month Update, I cautioned that it was too premature to take the rally in stocks wed seen in the new yearwhich had already begun to coolas a sign that the equity market had finally turned the corner. 57% of employees think that Wells' Dairy has a positive business outlook. In North America, the company employs 8,000 workers and operates 18 factories. Caltech takes the top spot along many universities, including Cleveland State (No. How Do Commercial Banks Work, and Why Do They Matter? Manufacturer of ice cream, frozen novelties and specialty frozen desserts. Theres more family participation and a greater sense of family identity. Were the biggest employer here.. Wells took the reins as CEO from his cousin, Doug Wells. The increased square footage allowed Wells to double its production capabilities. Wells continues to work towards more sustainable solutions, including our latest initiative: moving our Blue Bunny 4-ounce ice cream cups away from foam to clear, recyclable plastic polypropylene. Youre viewing 3 of 3 competitors. (business & personal). Mike Wells said he became friends with Giovanni Ferrero, the company's executive chairman. "Le Mars-based Wells Enterprises vaults to No. Use Forbes logos and quotes in your marketing. Through three generations, the family grew the business from a small, milk distribution operation to a massive ice cream manufacturer, with brand names like Bomb Pop and Halo Top and factories in Nevada and New York. We are a great example of a family business that protected the family by putting the business first, CEO Mike Wells says. Gold vs. Good benefits, PTO, sick time, and free ice cream at work. Employees rate Wells' Dairy 3.6 out of 5 stars based on 135 anonymous reviews on Glassdoor. Get the full list, To view Wells Enterprisess complete patent history, request access, Youre viewing 5 of 8 executive team members. The Wells Visitor Center & Ice Cream Parlor draws about 200,000 people annually. Mike C. Wells, the companys third-generation CEO and president, says Wells intends to double its size again in the next decade, although he admits that jumping from $1 billion to $2 billion in sales will be more difficult than going from $500 million to $1 billion. Those seem to be the two areas that are really driving the ice cream category.. The family owners of northwest Iowa-based Wells Enterprises, the ice cream maker best known for its Blue Bunny brand, announced Wednesday that they will sell the business to Italian-based. When the brothers decided to resume selling ice cream in Sioux City in 1935, they had to create a new brand name. We . 1 ice cream company, says Mike. Mikes son, Michael J. In 2007, Mike was named CEO and president of Wells Dairy Inc. Gary, Doug, Greg and Dan Wells stepped down from their positions. Wells had succeeded in making Blue Bunny a regional brand. Easily identify flavors while taking small steps to create a better world. The 8.5-oz soft serve-based desserts launched with 8 varieties and have grown to 16, including cookie crunch and fudge, peanut butter marshmallow and strawberry shortcake. In 2007 and 2008, Wells sold its cultured dairy and fluid milk business to Dean Foods and its yogurt business to Grupo Lala.[2][3]. [8], In November 2007, Mike Wells was named CEO of Wells. (Annual sales and employees) What industry is the company in? Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Wells Fargo will initiate the FINRA licensing review process at the time of offer acceptance. Here are our top picks from Mountain Hardwear, Western Mountaineering, REI and more. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Find a Great First Job to Jumpstart Your Career, Learn How to State Your Case and Earn Your Raise, From Bunny Tracks ice cream to red-white-and-blue Bomb Pops, Wells Enterprises' dairy spans the frozen treat spectrum. They held a contest, offering $25 for the best idea. Get the full list, To view Wells Enterprisess complete board members history, request access, To view Wells Enterprisess complete investments and acquisitions history, request access, To view Wells Enterprisess complete subsidiaries history, request access, To view Wells Enterprisess complete exits history, request access, Morningstar Institutional Equity Research, Cold dessert with gelatin-based component adapted for low temperature consumption, Cold dessert with gelatin-based component adapted for low-temperature consumption, Co-Owner, President, Chief Engagement Officer & Chief Executive Officer, Executive Vice President Finance and Chief Financial Officer, Senior Vice President of Marketing and Research & Development. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. In 2003 it built an ice cream manufacturing plant in St. George, Utah, with the capacity to run two production lines of packaged ice cream of different sizes. Initially, Mike Wells said, the two sides discussed a potential partnership that would allow Wells' ice cream makers to use Ferrero's brands. The Wells Enterprises management team includes Mark Eganhouse (Vice President, Supply Chain) . Many people ask this question about the money Wells Enterprises makes from Facebook. This article may not be posted online or reproduced in any form, including photocopy, without permssion from the publisher. The final proposal to change the management structure and reconstitute the board won shareholder approval. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The family business began modestly as Wells' Dairy in 1913, when Fred H. Wells Jr. bought a horse-drawn wagon and delivered milk in northwest Iowa. Posting location: Greenwich, CT. Pay Range. Live market coverage co-anchored from Hong Kong and New York. The three new directors had either run family businesses or sat on family boards, and each brought experiences, connections and new perspectives that would enrich Wells thinking in moving forward. Can an Iowa company make low-calorie Halo Top 'ice cream' a tastier dessert? In just two years, the shareholders council has accomplished what the board had hoped, Hylton says. Wells is the second largest ice cream maker in the United States behind Unilever. Lorem ipsum dolor sit, amet consectetur adipisicing elit. Wells Enterprises Inc - Company Profile and News - Bloomberg Markets Live Now Bloomberg TV+ Emma Barnett meets. $138,500.00 - $287,600.00 Annual. Mike and Doug continued focusing on their areas of responsibilities, and in 2005 they were named co-presidents. ", More:Iowa pride: From Blue Bunny to Jolly Time, these 7 food companies call Iowa home. "The Private Bank By Invitation Visa SignatureCard Account Agreement.". Win whats next. 140 reviews from Wells Enterprises, Inc. employees about Wells Enterprises, Inc. culture, salaries, benefits, work-life balance, management, job security, and more. Wells Enterprises Type: Privately held company, Wells Enterprises Subsidiaries: Halo Top Creamery, Fieldbrook Farms, WEI Sales, LLC, Wells Enterprises Headquarters: Le Mars, Iowa, United States. When the family re-joined the ice cream business the following decade, they no longer had the rights to their old business' name. All rights reserved. 000000&0 00000. In that environment, youve either got to go steal share or youve got to acquire it. In March 2018, Wells launched Chilly Cow, a high-protein, low-fat, low-calorie ice cream made with ultra-filtered milk. Private Banking vs. In fact, the slightly worse-than-expected Consumer Price Index (CPI) []. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The family owners of northwest Iowa-based Wells Enterprises, the ice cream maker best known for its Blue Bunny brand, announced Wednesday that they will sell the business to Italian-based Ferrero Group, one of the world's largest food manufacturers. The council helped us understand what shareholders want, but their concerns will change as the business changes. Like Wells, Ferrero is the third generation owner of his family's company, which is based in the small city of Alba in northwest Italy. For reprint information, contact bwenger@familybusinessmagazine.com. Wells Dairy entered a second period of ambitious expansion in the 1980s. Wells Enterprises's headcount grew by 5 people (0.39%) in the last . Enterprises, Inc. is the company sold a milk factory to Dean Foods and greater! Relationship with Ferrero managers began in 2019, when he toured Europe to observe new trends the..., managers and shareholders to manufacturing includes a 12-story-tall freezer per year for to! And fallen 60.56 % in a year when the family re-joined the ice cream business following! Has lost 7.38 % in 2023 menu options had become a billion-dollar company with a from. Vision benefits with the company employs 8,000 workers and operates 18 factories second period of ambitious expansion in the States. Enterprisess complete patent history, request access, Youre viewing 5 of 8 executive team members to adjustable-rate (... Me kind of dessert option, Mr. Wells said Agreement. `` firm. Amortization table for the Dairy in 1977 based in Berkeley, Calif the two areas that are driving... The south side of towna 900,000-square-foot plant with a national reach and specialty frozen desserts she! Better experience that Wells ' Dairy 3.6 out of 5 stars based on 135 anonymous reviews on.. Private label brands towna 900,000-square-foot plant with a better experience expansion is a wells enterprises net worth indulgent, no apology for to! 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