Onyx Asset Advisors, LLC. (“Onyx”) has been formally engaged by TWIC Liquidating Trust as the exclusive sales agent in an offering that includes, in whole or in part, all or substantially all, of the Three Twins Organic, Inc. assets, including its Intellectual Property (brands, trademarks, etc., ) as well as the Real Property (identified as 816 Michigan Ave, Sheboygan, WI) and operating Machinery & Equipment. There is no product inventory included in the offering. A Non-Disclosure Agreement (available above) is required for access to the data room containing additional information on the offering. Please review the information below and email Kevin Otus at kotus@thinkONYX.com with any questions.
Assets – Available in Aggregate or Piecemeal
- Intellectual Property: Brands, Trademarks, Logos, Slogans, Images; etc.
- Machinery & Equipment: Includes all operating equipment currently located in Sheboygan, WI.
- Real Property: 816 Michigan Ave, Sheboygan, WI. Complete 25,000 square foot operating ice cream manufacturing facility.
Sale Process Timeline
- Due Diligence period May 11, 2020 to June 18, 2020
- Facilities Inspections – Wednesday, May 13, 2020 to Friday, June 5, 2020
- Sealed Bid offering due –Thursday, June 18, 2020 – 5pm PT
- Bid acceptance – Tuesday, June 23, 2020 – 5pm PT
Due Diligence / Facilities Tours
Available Tour Dates: Wednesday, May 13th to Friday, June 5th
Tour dates will be assigned on a first-come-first-served basis. We kindly request at least 48 hours-notice before any on-site visit so we can confirm availability of a requested date and time slot. Facility and visit details will be provided upon confirmation. Please also note that, in these Covid-19 times, all facility tours will be private appointments and adhere to appropriate distancing guidelines. Please contact Kyle Pesonen at kpesonen@thinkONYX.com to schedule an on-site due diligence / inspection.
Three Twins, was established in 2005 in San Rafael, California by Neal Gottlieb and was named for Mr. Gottlieb, his twin brother, and his brother’s wife, who is also a twin. It was the first organic ice cream shop chain in the U.S. The company began distributing its products nationally after Whole Foods discovered them selling their ice cream at the Berkeley Farmers Market and included the brand in Whole Food’s own stores.
Three Twins opened a factory in Petaluma, CA in 2010. In order to streamline its cost structure, Three Twins moved the factory to Sheboygan, WI in mid-2019. The Company was also able to increase revenues to approximately $15 million for fiscal 2019. Its corporate headquarters remained in Petaluma, CA.
The Company’s products were sold through a number of channels, including retail, foodservice, club, and through Three Twins’ licensed retail stores, four of which were in California, while the rest are located in Tokyo, Japan, and Seoul, South Korea. Domestically, the Company has had success on the West Coast and has increased regional sales from $1.2 million to approximately $15 million, as noted above. The Company expanded into Asia in 2014 and has already surpassed $1 million in sales in its licensed Tokyo and Seoul locations, with a 25% Y-o-Y projected growth in the region.
On April 17, 2020, the company announced it was closing due to financial problems which were compounded by the corona virus pandemic .
Please use the button / link below to take a video tour of the Three Twins Sheboygan, WI manufacturing plant.