PADUCAH, Kentucky - A newly formed Oklahoma City company is now the owner of Dippin' Dots ice cream. The privately-funded company purchased the business in bankruptcy court Friday.

The selling price was $12.7 million.

"We have set internal milestones for substantial growth within the first year. Presently, there are more than 1,600 Dippin' Dots locations worldwide," said Scott Fisher, president of Dippin' Dots, LLC. "By the close of 2012, the company plans to raise that number to 2,000."

The company will still be headquartered in Paducah, Kentucky.

Dippin' Dots flash freezes ice cream in liquid nitrogen, forming little beads that are sold in venues like theme parks, concerts and sporting stadiums.