A recent deal will breathe new life into a once thriving Thornhill frozen dessert company.
“We’ve looked at probably a hundred deals,” said Michael Serruya, president and CEO of CoolBrands International Inc. “When this one came by, it struck me that this was the perfect sector, the perfect management. Everything just kind of aligned itself.”
CoolBrands will merge with Charlotte, North Carolina–based Swisher International Inc., a hygiene services company, in a shares exchange deal worth, on Aug. 26, roughly $160 million, Serruya said. Swisher was founded by American entrepreneurs H. Wayne Huizenga and Steve Berrard, the forces behind Blockbuster Entertainment and AutoNation.
“These guys have a tremendous track record,” Serruya said, adding that Huizenga is “the only man in history to have ever built three Fortune 500 companies from scratch.”
Founded in Thornhill more then two decades ago by then 20- and 18- year-old brothers Michael and Aaron Serruya, CoolBrands had been examining various business opportunities since the sale of assets including Eskimo Pie.
The deal is expected to close by Nov. 30.