Family-owned investment firm buys 50-year-old Wisconsin ice cream maker

What happened

On June 15, 2026, Hoffmann Family of Companies ("HF Companies") announced its acquisition of Cedar Crest Ice Cream, a multi-generational dairy business headquartered in Cedarburg, Wisconsin. Founded in 1976, Cedar Crest makes frozen desserts and today offers more than 80 ice cream flavors, 10 custard varieties, six sherbets and three dairy-free sorbets. Its manufacturing plant and the Cedar Crest Ice Cream Parlor are both in Manitowoc, Wisconsin. The business had been led for more than 50 years by the Kohlwey brothers, Ken, Robert, Bill and Tim, and began with their parents. Renato DePaolis, chief executive of HF Companies-owned Oberweis Dairy, will assume leadership of Cedar Crest. Financial terms were not announced.

The buyer

Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm made up of more than 200 brands, employing more than 27,000 people across 30 countries. It acquired Oberweis Dairy in 2024 and says it will continue to operate Cedar Crest and Oberweis as distinct brands. The firm said Cedar Crest will remain in family stewardship through the Hoffmann family. Ken Kohlwey said in the announcement: "We're incredibly proud of what we've built."

Why buyers want businesses like this

Regional frozen dessert brands carry shelf position, recipes and local affection that are expensive to build from scratch. For an owner of an adjacent brand, adding one brings plant capacity, a known label and a customer base in a single step. Family-owned acquirers in particular tend to emphasize continuity of name and staff, which can matter to a seller choosing between bidders.

What it means if you own a similar business

Where a founding generation steps back together, the choice of buyer is often as much about what happens to the name and the people as about price. Buyers who intend to keep brands separate will want to understand what the brand is worth on its own, which is a different conversation from one about plant and volume.

Read more in our guide to family succession.

Source: Hoffmann Family of Companies, June 15, 2026

Summary of a public announcement; ExitBuy Co. was not involved in this transaction. General information only, not investment, legal or tax advice.