Frozen Assets: Can the Founders Reclaim Their Ice Cream Empire?

Ben & Jerry’s founders are exploring a bold move to reclaim their brand, but will Unilever budge?

Editorial Team (ET)May 8, 2025

Ben Cohen and Jerry Greenfield, the iconic founders of Ben & Jerry’s, are exploring the possibility of reclaiming their brand from corporate giant Unilever. They have held early discussions about a potential acquisition, though the complexity of such a deal cannot be overstated. Given that the ice cream business is valued in the billions, they would need to secure support from socially conscious investors to have any chance of success.

There is no certainty that these talks will lead to a transaction. Sources close to the matter suggest that Cohen and Greenfield are gauging the feasibility of the buyback, but Unilever remains firm in its stance. In an official statement, the company made it clear that Ben & Jerry’s is not for sale, reinforcing its commitment to its ice cream division despite a planned corporate spinoff.

Unilever’s Ice Cream Spinoff Adds to the Uncertainty

Unilever has been restructuring its business to cut costs, with its ice cream division at the center of these changes. The company plans to spin off the unit into a separate entity, taking it public with a primary listing in Amsterdam and secondary listings in London and New York. This shift could open doors for interested buyers, but Unilever appears unwilling to entertain any offers for Ben & Jerry’s.

For Cohen and Greenfield, timing is everything. If they want to regain control, they will have to act before the spinoff is finalized. However, given Unilever’s firm position, they may find themselves on the outside looking in.

A Brand That’s Always Been About More Than Just Ice Cream

Since its founding in Burlington, Vermont, in 1978, Ben & Jerry’s has been about more than just creating quirky flavors. The brand has long championed progressive causes, making social justice as much a part of its identity as its ice cream. When Unilever acquired the company for $326 million in 2000, it agreed to an unusual deal: while Unilever controlled the business, an independent board was given authority over its social mission.

This arrangement has led to numerous high-profile disputes, most notably in 2021 when Ben & Jerry’s announced it would halt sales in the West Bank due to human rights concerns. The decision sparked a legal and corporate battle, ultimately resulting in Unilever selling its Israeli ice cream business to a local producer. The conflict exposed the ongoing tension between the brand’s values and its corporate parent, highlighting the complexity of its ownership structure.

Can Cohen and Greenfield Take Back Control?

Reacquiring Ben & Jerry’s would be a monumental challenge. The brand’s valuation alone presents a significant financial barrier, requiring deep-pocketed investors who share Cohen and Greenfield’s vision. Even if they can assemble the necessary capital, Unilever’s unwillingness to sell means they may have to wait for a shift in the company’s stance or a change in market conditions.

Their desire to reclaim the brand speaks to a broader issue of corporate ownership versus brand identity. Ben & Jerry’s was built on a foundation of activism and independence, values that have often clashed with Unilever’s profit-driven priorities. If the founders succeed in their quest, it would mark one of the most significant brand buybacks in recent history. If they fail, Ben & Jerry’s will remain under Unilever’s umbrella, continuing to navigate the delicate balance between its mission and corporate oversight.

For now, Cohen and Greenfield are weighing their options. Whether they can scoop back their legacy remains to be seen.

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