Dreyer's Grand Ice Cream Holdings Inc., the biggest U.S. ice cream maker, bought Silhouette Brands Inc. on Monday for about $70 million to add Skinny Cow low-fat and low-carbohydrate frozen snacks for health-conscious consumers to its ice cream lineup.
Dreyer's, the U.S. maker of Haagen-Dazs, paid $4.76 for each common share and $6.56 for each preferred share of New York-based Silhouette, said Scott Webster, assistant treasurer at Dreyer's. Silhouette has virtually no debt, he said.
Dreyer's, based in Oakland and controlled by Nestle of Switzerland, is expanding sales of reduced-fat and low-calorie ice cream, including the introduction in May of Slow Churned Edy's Grand Light.
Food companies such as H.J. Heinz Co. and Unilever have added low-carb products as Americans have cut down on sugar and starch. Dreyer's already distributes Silhouette products, including Skinny Carb ice cream sandwiches.
"Skinny Cow has been the fastest-growing partner brand in Dreyer's portfolio of distributed brands in recent years," Chief Financial Officer Alberto Romaneschi said.
Dreyer's announced the deal early Monday and reported later in the morning that the purchase had been completed.
Shares of Dreyer's fell 3 cents to $79.27 on Nasdaq. Silhouette rose 46 cents, or 11%, to $4.61 in over-the-counter trading.