Ben Cohen and Jerry Greenfield, co-founders of Ben & Jerry’s ice cream, are pursuing a potential deal with Pete Stavros, an executive associated with private-equity firm KKR, to separate the brand from its current owner, Magnum Ice Cream. The proposed transaction would involve carving out Ben & Jerry’s into an independent business structured as an employee stock-ownership plan (ESOP), according to Cohen and Stavros.

Magnum Ice Cream, a publicly traded company based in Amsterdam and valued near 11 billion euros (approximately $12 billion), houses Ben & Jerry’s alongside other ice cream brands including Breyers, Talenti, and Klondike. Magnum was formed in 2025 following the spin-off of the ice cream business from Unilever, which retains around a 20% stake. The company stated that Ben & Jerry’s is not for sale and emphasized that the brand is performing well as part of Magnum’s portfolio.

The ESOP structure under discussion would provide employees with ownership stakes in the company while offering tax advantages and aligning with the socially conscious ethos long associated with Ben & Jerry’s. Stavros, who leads an initiative called Expanding ESOPs aimed at increasing employee ownership in U.S. companies, described the arrangement as a way to preserve the brand’s culture and independent board oversight.

Ben Cohen, now 75, expressed a commitment to applying public pressure on Magnum to consider the sale. “All that I can do is try to generate more public pressure on Magnum to sell,” he said.

Ben & Jerry’s is known not only for its popular ice cream flavors such as “Half Baked” and “Cherry Garcia” but also for its outspoken social mission, which has occasionally sparked controversy. Notably, in 2021, the company ceased sales in Jewish settlements in the Israeli-occupied West Bank and contested East Jerusalem, a decision that placed its then-owner Unilever in a challenging position.

Financially, Ben & Jerry’s represents one of the largest revenue contributors within Magnum’s ice cream division, particularly in the U.S. market. A person familiar with the matter estimated the brand’s standalone valuation at around $3 billion. The separation of Ben & Jerry’s could potentially make the rest of Magnum’s portfolio more attractive to prospective buyers, some of whom have shown interest in the ice cream business in the past.

Stavros emphasized his intention to help ensure that any ESOP arrangement is commercially viable for both parties, contingent upon Magnum’s willingness to proceed. While Magnum maintains that Ben & Jerry’s is not on the market, discussions between the founders and Stavros continue as they seek alternatives that align with the brand’s values and business objectives.