The Story of the Billionaires Who Built an Empire on Dessert Topping
Robert E. Rich Sr. just wanted to make whipped cream that didn’t spoil. It began as an experiment during wartime dairy rationing and turned into one of the most successful family-owned food empires in America. His invention of non-dairy whipped topping in 1945 became the foundation for Rich Products, a global enterprise that still operates from Buffalo, New York.
The business has grown into a multibillion-dollar enterprise spanning frozen foods, bakery items, and coffee shop supplies—still private, family-run, and loyal to its founding principles.
A Dessert Topping That Changed Everything
In 1945, Robert E. Rich Sr., the son of a Buffalo dairyman, created a whipped topping that was inspired by soybean-based milk experiments developed at Henry Ford’s George Washington Carver Laboratory. He bought rights to the process for one dollar and built his version into a shelf-stable, frozen product.
That innovation transformed the postwar grocery market. Consumers loved its affordability, longer shelf life, and reliability. His non-dairy whipped topping earned $29,900 in its first year—equal to around $540,000 today—and crossed $1 million by 1952.
The dairy industry filed more than 40 lawsuits against him, but he won every case. By staying focused on improving the formula and expanding into international markets, Rich Sr. laid the groundwork for a business that would grow far beyond its original product and redefine convenience in commercial food production.
Building A Family Business with Staying Power
Bob Rich Jr. joined the company in 1963 after a short stint pursuing sports and other careers. His father convinced him to run a new Canadian division, gave him a $1 million budget, and full responsibility for its success. The first production batches failed, which forced him to call his father for advice—a turning point that reshaped their relationship.
Under Bob Jr.’s leadership, Rich Products expanded through acquisitions, while buying SeaPak frozen seafood for $11.5 million in 1976 and dozens of other food brands over the decades. Annual sales passed $1 billion by 1996 and continued climbing.
Even as it diversified into pizza dough, cookies, and ice cream cakes, the company kept its identity as a family enterprise. By 2006, after more than 60 years at the helm, Bob Sr. lost his life at 92 and left a profitable, debt-free company that had never recorded a losing year.
A Relentless Commitment to Privacy and Independence
Rich Products has always been off-limits to buyers. Bob Jr. keeps a standard response ready for acquisition offers, which includes thanking potential suitors and firmly stating that the company is not for sale. His wife, Mindy Rich, who started working at the enterprise in 1985 and became chairman of the board in 2021, shares that philosophy.
The couple believes private ownership allows quicker decisions, long-term thinking, and a stronger internal culture. Their leadership focuses on transparency with employees and maintaining trust even during difficult periods. The Riches also insist on values-driven partnerships.
When CEO Richard Ferranti uncovered ethical issues in a major potential acquisition, he ended negotiations despite its financial promise. The company’s leaders prefer steady growth to aggressive expansion and expect to reach $10 billion in annual revenue by 2030 without compromising principles. To this day, they maintain complete family control and guard the business’s direction as carefully as they protect its recipes.