Russell Stover Candies grew from a humble candy shop that Russell and Clara Stover opened inside their Denver home into one of America’s best-known chocolate brands, eventually becoming a familiar name in pop culture.
Following its memorable appearance in the Oscar-winning film Forrest Gump, the iconic chocolate brand has generated an estimated annual revenue of about $940 million.
Decades later, the company’s $7.5 million sale marked a major turning point in the history of the iconic candy manufacturer.
Before the couple founded their business in 1923, Russell Stover partnered with Christian Nelson to develop the I-Scream Bar, a chocolate-covered ice cream bar that was later renamed Eskimo Pie at Stover’s suggestion.
Unfortunately, due to patent-related legal disputes, Stover sold his share of the business for $25,000 before moving to Denver, Colorado, for a fresh start.
A view of Russell Stover during the Food Network New York City Wine & Food Festival presented by Invesco QQQ – JJ Johnson’s The Cookout.Cindy Ord/Getty Images for NYCWFF
There, the couple began selling homemade chocolates in boxed packages under the name Mrs. Stover’s Bungalow Candies.
Thanks to Clara Stover’s persistence and determination to develop and perfect the candy recipes, the business expanded to five stores in Denver, Kansas City, Lincoln, Omaha and St. Louis just one year after its launch.
To keep up with growing demand, they opened their first manufacturing facility in Kansas City in 1928.
Despite the challenges of the Great Depression, the Stovers managed to keep their candy business successful by personally supervising candy production and daily operations. They also diversified their offerings in 1934 by opening a drive-in store, an ice cream parlor and an ice cream factory in Kansas City.
As the business continued to grow, the couple renamed it Russell Stover Candies in 1943, with Russell Stover later heading the Committee for the National Confectioners Association in Washington, D.C.
By 1954, the company had grown into a major chocolate manufacturer, producing 11 million pounds of candy annually.
At the same time, Russell Stover Candies was selling its chocolates in more than 2,000 department stores across the country.
Unfortunately, Russell Stover passed away at the age of 66 that same year.
Thirty-seven years after the couple founded the business, Russell Stover Candies was acquired by businessman Louis Ward in 1960 for $7.5 million, marking a major turning point in the history of the iconic candy maker.
Following Louis Ward’s acquisition of the Stovers’ chocolate and candy business, the brand underwent significant changes, eventually culminating in its acquisition by Lindt & Sprüngli, the Swiss manufacturer of premium chocolates.
In 2014, Lindt & Sprüngli acquired Russell Stover Candies and eventually changed its name to Russell Stover Chocolates, making it the current owner of the iconic treat.
“This biggest and most important strategic acquisition to date in Lindt & Sprüngli’s history is a unique opportunity for us to expand our North American chocolate business and will greatly enhance the group’s status in the world’s biggest overall chocolate marketplace,” said Lindt chairman Ernst Tanner in a statement, cited by CBS News.
Related: In 1972, Minnesota stylist Isabelle Collins entered the Pillsbury Bake-Off; her Quick ‘n Chewy Crescent Bars recipe won her a $25,000 grand prize
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