Thrifty Ice Cream, a legacy brand with deep ties to California, was sold for $19.2 million during Rite Aid’s Chapter 11 bankruptcy process. The buyer, Hilrod Holdings—an investment firm tied to Monster Beverage executives Hilton Schlosberg and Rodney Sacks—secured the brand’s intellectual property, inventory, and its historic El Monte production facility. The sale was approved by a federal judge on July 1, 2025.
The Thrifty Ice Cream sale included the factory on Lower Azusa Road in El Monte, which has been the brand’s production hub since 1976. Though Rite Aid is closing more than 500 stores, the acquisition ensures continued operations at the El Monte site.
Thrifty’s El Monte Legacy Endures
Founded in 1940 as part of Thrifty Cut Rate Drug Stores, the company started making its own ice cream for in-store soda fountains. By the 1950s, its barrel-shaped scoopers and affordable prices helped cement its place in California culture. Scoops famously sold for five cents in the 1980s and still cost under $3 today.
The factory in El Monte became a landmark of sorts, supplying stores across the West with Thrifty’s signature flavors. Despite the closures of in-store scoop counters, the brand’s products will continue to be distributed via retail and independent outlets. According to Food Dive, Hilrod’s purchase included equipment and licensing rights, making a broader retail push possible.
Interest in the brand was widespread. Reports from Reuters noted that major names—including Walgreens, Authentic Brands Group, and Kourtney Kardashian—reviewed Thrifty’s assets during the bidding process.
A New Chapter for a California Icon
Hilrod Holdings has a track record of revitalizing nostalgic brands. As executives behind Monster Beverage, they previously helped transition Hansen’s Natural into one of the world’s leading energy drink companies. Their strategy for Thrifty Ice Cream remains unclear, but the acquisition opens the door to expanded grocery store distribution, standalone scoop shops, or refreshed branding for the next generation of customers.
While Rite Aid’s exit from retail ice cream sales is part of a broader corporate restructuring, the outcome for Thrifty is more promising. The El Monte community, where the factory remains a key local employer, may benefit from renewed investment and job stability.
For many longtime fans across Southern California, the brand’s survival is about more than nostalgia. It’s about preserving a product with shared memories across generations—family outings, summer treats, and iconic flavors from a company that helped define California’s ice cream scene.
The Thrifty Ice Cream sale represents a fresh start, and local residents will be watching closely as Hilrod shapes the future of the brand. For El Monte, the hope is that the city continues to play a central role in what comes next.
