M&A Deal Summary

Marubeni Acquires Bubbies Ice Cream

On June 30, 2025, Marubeni acquired food company Bubbies Ice Cream from Kenex Holdings

Acquisition Highlights
  • This is Marubeni’s 4th transaction in the Food sector.
  • This is Marubeni’s 19th transaction in the United States.
  • This is Marubeni’s 1st transaction in Arizona.

M&A Deal Summary

Date 2025-06-30
Target Bubbies Ice Cream
Sector Food
Buyer(s) Marubeni
Sellers(s) Kenex Holdings
Deal Type Add-on Acquisition
Advisor(s) Lazard (Financial)
Kilpatrick Townsend & Stockton (Legal)

Target

Bubbies Ice Cream

Phoenix, Arizona, United States
Bubbies Ice Cream offers mochi ice cream and frozen novelty desserts, including mini ice cream cookie sandwiches. Bubbies Ice Cream was founded in 1985 and is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

Marubeni

Tokyo, Japan

Category Company
Founded 1858
Sector Diversified
Employees42,882
Revenue 7.79T JPY (2025)
DESCRIPTION
Marubeni's corporate headquarters in Tokyo, Japan.
Marubeni's corporate headquarters in Tokyo, Japan.

Marubeni is a global trading and investment firm with a diverse range of business interests. Marubeni was founded in 1858 and is based in Tokyo, Japan.


DEAL STATS #
Overall 70 of 71
Sector: Food M&A 4 of 5
Type: Add-on Acquisition M&A Deals 29 of 29
State: Arizona M&A 1 of 1
Country: United States M&A 19 of 19
Year: 2025 M&A 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-02 Gearbulk

Pfaffikon, Switzerland

Gearbulk is an operator of open-hatch vessels that feature large, box-shaped cargo holds with wide, openable hatches, enabling the efficient loading and transportation of bulky breakbulk cargo, such as semi-finished products, including pulp and steel. Gearbulk was founded in 1968 and is based in Pfaffikon, Switzerland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-12 Win Chance Foods

Samut Prakan, Thailand

Win Chance Foods manufactures a wide variety of condiments and sauces, including Western flavors like ketchup and barbecue sauce, as well as Japanese and other Asian flavors. Win Chance Foods was founded in 1984 and is based in Samut Prakan, Thailand.

Buy -

Seller(S) 1

DESCRIPTION

Kenex Holdings is a private equity firm specializing in investments in lower-middle-market companies. Areas of interest include food, beverage, agriculture, transportation & logistics, infrastructure, and manufacturing. Kenex will consider opportunities throughout the US, but has a special interest in Midwest-based companies. Prospective transaction situations include buyouts, consolidations, recapitalizations, growth capital financings, divestitures, and providing shareholder liquidity. Kenex Holdings was established in 2013 and is based in Chicago, Illinois.


DEAL STATS #
Overall 2 of 2
Sector: Food M&A 2 of 2
Type: Add-on Acquisition M&A Deals 1 of 1
State: Arizona M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-22 Imperial Frozen Foods

Wake Forest, North Carolina, United States

Imperial Frozen Foods is a supplier of individually quick-frozen fruit. The company specializes in the global sourcing and packing of private brands for the retail and foodservice segments. Imperial is a supplier of Grade A conventional and organic frozen fruits to the retail, club, and foodservice segments. Imperial Frozen Foods was founded in 1957 and is based in Wake Forest, North Carolina.

Sell -