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Stay in the know on the latest food and beverage manufacturing markets. Around that time, Friedman took a trip to Japan where he tried a local confection -- a round rice flour cake filled with a sweet bean paste. I remember thinking it was a cute idea but something wasn't quite right about it," said Friedman, now He told Hashimoto about it. So we thought, why not make a treat like what I had in Japan. But instead of filling it with bean paste, we'll put in ice cream.
After 10 years of research and testing, the couple found the right formula, and mochi ice cream was born. Mikawaya started selling mochi ice cream in flavors like green tea, red bean and mango in , primarily to Asian food stores and restaurants. They eventually expanded distribution to Kroger, Safeway and Trader Joe's. Ultimately, their mochi ice cream grew to become the most profitable part of the company. How he got , people to buy ugly fruits and vegetables.
The ice cream was generating "tens of millions" in annual revenue by the time Hashimoto passed away in Friedman, who took over the family firm, sold it to California-based private equity firm Century Park Capital Partners in , which closed down the bakery and focused on building the mochi ice cream business.
Chip Roellig, managing partner with Century Park Capital Partners, declined to disclose the purchase price. Darren Seifer, a food and beverage industry analyst with market research firm NPD Group, said mochi ice cream is bringing much-needed energy to the freezer aisle.
Mochi is different. It's still ice cream but it's taking it in a new direction. While his former company is no longer a family-run business, Friedman is proud of how popular his creation has become.
The company declined to disclose annual revenue.
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