Ben & Jerry’s founders call for brand to be ‘released’ from parent firm Magnum

The founders of Ben & Jerry’s have demanded that the brand is “released” from its ice cream parent business ahead of a planned stock market float.

Ben Cohen and Jerry Greenfield have written an open letter calling the business to be allowed to become independent again as parent group The Magnum Ice Cream Company spoke to investors and analysts in London.

However, Magnum stressed that Ben & Jerry’s is “not for sale” and will remain part of the group.

Magnum, which includes the Ben & Jerry’s, Cornetto and Walls brands, is to be formally split off from consumer group owner Unilever and floated in November.

But Mr Cohen and Mr Greenfield said in a letter to Magnum’s board and potential investors that they do not wish for the brand they founded in 1978 to be part of the spun-off venture.

Unilever acquired the business in 2000 but has been at loggerheads with Ben & Jerry’s founders regularly in recent years, particularly in relation to political and social issues.

The founders stressed that the brand was founded with a mission for social good and reached an agreement with Unilever to guarantee Ben & Jerry’s autonomy, including an independent board.

Disputes between the founders and Unilever included a high-profile incident in 2021 when Ben & Jerry’s decided not to sell ice cream in Israeli-occupied Palestinian territories.

Unilever responded by selling the brand in the region to its Israeli licensee.

Ben & Jerry’s also claimed last year that Unilever had urged the brand to stop public criticism of Donald Trump.

On Tuesday, Mr Cohen and Mr Greenfield said in the letter: “As The Magnum Ice Cream Company stakes shape, we feel compelled to speak out – as individuals, rather than Ben & Jerry’s employees – as we believe that commitments made to us, our employees and our customers are being eroded.

“The safeguards Unilever promises in the acquisition agreement are being undermined.

“Decisions are being made by the corporate parent about Ben & Jerry’s activism and voice, driven by short term political expediency rather than an understanding of the importance of the brand’s values to the lovers and purchasers of its ice cream.

“We no longer believe Ben & Jerry’s can thrive as part of a conglomerate that fails to support its founding mission, and which is reducing the company’s value by undercutting one of the critical reasons why customers love and support the brand.”

A spokeswoman for Magnum said: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.

“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”

It came as Unilever said it expects sales to grow by between 3% and 5% a year from 2026 at the Magnum-led ice cream spin-off ahead of its planned IPO.

The business will have a primary listing in Amsterdam, as well as secondary listings in London and New York.

In a presentation to investors, Magnum set out a series of financial targets amid efforts to outline its strategy as a standalone business away from consumer giant Unilever.

The London-listed consumer group, which also owns Marmite and Dove, will retain a 20% stake but expects to reduce this over time.

Magnum, which will be the world’s largest pure-play ice cream business, also said it expects to secure around 500 million euros (£433 million) of cost savings in the medium term.