The maker of Hi-Chew candy plans to acquire what it says is the largest brand of mochi ice cream in the U.S.
Morinaga & Co. said Monday that the addition of My/Mochi would allow the Japanese company to “enter the U.S. frozen dessert market at full scale,” as well as enhance its product development capabilities.
My/Mochi’s mochi ice cream, first introduced in Los Angeles in 1993, combines the Japanese rice cake with an ice cream filling. Morinaga officials said the company reported $80 million in sales in the 52-week period ending in late January.
Terms of the deal were not disclosed.
"In welcoming My/Mochi to the Morinaga family, we see a tremendous opportunity to build a sustainable snacking business positioned for future growth," Morinaga America President and CEO Terry Kawabe said in a statement.
My/Mochi President and CEO Craig Berger added that Morinaga’s “scale and research and development capabilities will enhance our ability to innovate and grow.”
Morinaga America established its first U.S. manufacturing facility in North Carolina more than a decade ago; a second plant, also in North Carolina, is slated to open next year.
