OCTOBER 1, 2003 – DALLAS, TEXAS, Reddy Ice Group, Inc., announced today that its wholly owned subsidiary Reddy Ice Corporation has signed a letter of intent to purchase the stock of Triangle Ice Co., Inc. Triangle Ice is headquartered in Lumberton, North Carolina and operates primarily in North and South Carolina. With annual revenues of approximately $30 million, Triangle Ice has eight manufacturing facilities and one distribution facility. The transaction is expected to close by the end of October and is contingent upon execution of a definitive stock purchase agreement, financing and regulatory approval. No other terms were disclosed.
“We are delighted to be acquiring one of the premier ice companies in the southeast and expanding our reach into this excellent market,” commented William P. Brick, Reddy Ice’s Chairman and Chief Executive Officer.
John P. Barker, Chairman and Chief Executive Officer of Triangle Ice stated, “We are pleased about becoming a part of Reddy Ice and joining an outstanding team and superior provider of packaged ice products. We believe the business our management team and employees have built over the years will be a strong contributor to the Reddy organization.”
Reddy Ice also announced that it is acquiring Service Ice, based in Orlando, Florida, with annual sales of approximately $4 million. The acquisition is expected to close today,
October 1, 2003.
Reddy Ice has scheduled a conference call for its bondholders on Friday, October 3, 2003 at 11:30 am eastern time. To participate, dial 303-262-2140 and ask for the Reddy Ice call 10 minutes prior to the start time. A telephonic replay will be available through October 10, 2003, and may be accessed by calling 303-590-3000 and using the passcode 555081#.
Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States. With over 1,700 employees, the Company sells its products primarily under the widely known Reddy Ice brand to more than 73,000 locations in 31 states and the District of Columbia. The Company provides a broad array of product offerings in the marketplace through traditional direct store delivery, warehouse programs, and its proprietary Ice Factory technology. Reddy Ice serves most significant consumer packaged goods channels of distribution, as well as restaurants, special entertainment events, commercial users and the agricultural sector. Reddy Ice Group, Inc. is a wholly owned subsidiary of Reddy Ice Holdings, Inc., an entity formed and controlled by Trimaran Capital Partners and Bear Stearns Merchant Banking.
Contacts: Steven J. Janusek
Executive Vice President & CFO