Private equity firm invests in Mini Melts



PALO ALTO, CALIF. — Mini Melts USA, LLC, received an investment from Altamont Capital Partners. Through the investment, Dan Kilcoyne, chief executive officer and founder of Mini Melts, will partner with Altamont to help the company’s growth capital support expansion of the company’s distribution and manufacturing capabilities, the company said.

Kilcoyne will remain CEO of Mini Melts and become an investor alongside Altamont and existing shareholders, the company said.

Mini Melts is a beaded, single- and bulk-serve ice cream product made with 14% butterfat. Mini Melts was founded by Kilcoyne’s family in Philadelphia and is still family-owned and operated. The company distributes nationally to more than 15,000 locations, which include convenience and drug stores, family entertainment centers, zoos, amusement parks, malls, sports venues and others.

“Mini Melts has established itself as a leader in frozen novelties,” said Kabir Mundkur, principal at Altamont. “The brand’s products are some of the highest selling single-serve products in on-the-go locations today. We believe the beaded ice cream category has expandable growth potential. Mini Melts brings moments of joy to life with a product that’s quite simply delicious. We are excited to invest in the brand and bring Mini Melts into more consumers’ hands while fostering new and exciting innovation in the future.”

The company manufactures its products in Connecticut, using a cryogenic freezing process, and distributes them to its 20 distribution centers. The company is planning to open several distribution centers in 2024. The company also said it plans to grow its white glove distribution model.

“Our partnership with Altamont will bolster our growth plans, allowing us to spread into new markets and grow with new customers,” Kilcoyne said. “We have experienced exponential growth over the past several years and are focused on reaching across the entire country and innovating for our valued customers. We are excited to leverage Altamont’s experience scaling family-owned businesses and in multi-unit operations, food manufacturing, and distribution to support our next phase of growth.”

Capital Southwest Corp. and Main Street Capital Corp. provided financing for the transaction and Ropes & Gray LLP and Morrison & Foerster LLP served as legal advisers to Altamont. Raymond James acted as an exclusive financial adviser and Stradley Ronon served as a legal adviser to Mini Melts USA.

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