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M&A CASE STUDY - BEN & JERRY'S: A big dollop of investment.

Article Excerpt
Ruth Mortimer analyses Unilever's acquisition of the quirky ice cream brand Ben & Jerry's and discovers that there is space for the hippy child in the corporate family.

Ben & Jerry's has always been the hippy child of the ice cream industry. It began doing business at the end of the 'flower power' era and its fun, childlike products are backed up by a strong commitment to social causes. The American brand's generous corporate ethos has won fans from countries as diverse as Israel and Belgium.

But five years ago, the distinctive, independent company was sold to Anglo-Dutch multinational Unilever for $326m (#169m). It now sits within a huge corporate structure alongside brands such as Bird's Eye and Knorr, which reported a profit in its food division of #1.9bn in 2003. Has the ice cream kid had to grow up?

"There is a really positive spirit of co-operation between us and Unilever but we value our independence. We have built a unique and distinctive culture and this remains very important to us," says Helen Jones, head of Ben & Jerry's in the UK.

Ben & Jerry's now occupies a unique position within its parent company's vast brand structure. It is part of the portfolio,...

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