Wells Opts Not To Sell Stake In Ice Cream Business

The Le Mars company that produces Blue Bunny ice cream says it plans to raise money for expansion through conventional loans and not by selling a stake in the business.

Wells Enterprises released a statement Wednesday saying the business would remain a private, family-owned company.

Wells wants to double revenues by 2020 and had considered selling an interest in the business to raise money needed for such an expansion.

But spokesman Dave Smetter says the company decided that with interest rates at historic lows, it makes sense to fund the growth with conventional credit.

Wells sold its milk and yogurt holdings in 2006 and focused on ice cream and frozen novelties. Since then, Wells' share of the national ice cream market has steadily increased.