Ben & Jerry’s Founders Eye Reacquisition Amid Unilever Strategic Review
Ben & Jerry’s could soon return to its original owners as Unilever evaluates a potential sale of the iconic ice cream brand. Ben Cohen and Jerry Greenfield, who founded the company in 1978, have expressed interest in buying it back more than two decades after selling it to Unilever for £253 million in 2000.
The move comes as Unilever accelerates its portfolio reshaping strategy, following the announced spin-off of its underperforming ice cream division, which includes brands like Magnum, Wall’s, and Ben & Jerry’s. Analysts estimate the total valuation of Unilever’s ice cream assets at around £15 billion.
Ben & Jerry’s has long stood apart from traditional FMCG brands due to its strong social mission and an activist approach that sometimes conflicts with its parent company. Despite a unique arrangement that maintained a degree of autonomy after its acquisition, the brand has faced tensions with Unilever over the years—most notably in 2021, when it halted ice cream sales in Israeli-occupied Palestinian territories, sparking a legal and public relations battle.
Should Cohen and Greenfield move forward with a bid, it would mark a rare reverse acquisition in the branded FMCG space—and a potentially bold statement about purpose-led business in a sector often focused on operational scale and profit margins.
For Unilever, divesting Ben & Jerry’s could streamline operations as part of CEO Hein Schumacher’s “Growth Action Plan,” which aims to sharpen focus on core categories delivering stronger returns. Ice cream, while popular, has struggled with rising input costs, cold-chain complexity, and inflation-led price sensitivity. First-quarter figures showed Unilever’s ice cream volumes declining 3.2% year-on-year.
Private equity players, such as Advent International and PAI Partners, have also been linked to early-stage interest in acquiring Unilever’s ice cream division. How the bidding evolves will be closely watched by FMCG stakeholders, particularly as legacy brands explore identity and profitability in a climate demanding both scale and social alignment.
With heritage brands like Ben & Jerry’s at the center of the debate over mission-driven branding versus corporate synergy, the outcome of Unilever’s restructuring may set a precedent for future portfolio strategies across the sector.