Wells is currently the third largest ice cream company in the U.S.
On Aug. 1, Wells announced a "comprehensive strategic process" to raise capital to support the growth strategy of being first in the nation by 2020.
At that time, the company declined to speculate on any specific outcome of the move such as a sale of the business, which will mark its 100th anniversary next year.
Today, Wells issued a media statement indicating no changes in ownership.
"The board of directors and shareholders have concluded that the best course of action is refinancing in order to support or growth objectives," the company stated.
With that decision, Wells will not seek outside equity investors, according to the media statement.
"There will be no changes to the current ownership structure at this time -- Wells will remain privately held and a family-owned company, just as it has been for the last 100 years," said the statement.
The company expects to complete the capital-raising efforts in early 2013.
Wells President and CEO Mike Wells said the ice cream maker is excited for the future.
"We will celebrate our 100th birthday next year and we truly believe that our best years are ahead of us," Wells said.
Wells is the largest family-owned and operated ice cream manufacturer in the United States.
The company makes Blue Bunny ice cream and frozen novelties at two facilities in Le Mars and an ice cream plant in St. George, Utah.