NR from AGP June 20, 99. Cheers!!!
ARCTIC GROUP INC - 1999 Acquisitions Add 15 Million To Annual Revenue [86]
Canadian Market News from Market News Publishing, Tuesday, July 20, 1999 at 09:28
The Arctic Group announced the completion of 5 acquisitions in the
Canadian marketplace. Four of the companies purchased are located in
Southern Ontario and one in the lower mainland of British Columbia.
The acquisitions are a combination of share purchases and asset
purchases. The businesses acquired in Southern Ontario include City Pure
Ice of Oshawa, Crystal Ice Company of Waterloo, Home Town Ice of Kingston,
Huron Ice of Seaforth; as well as Chilliwack Ice in British Columbia.
The total sales volume of this group of companies is approximately 2
million dollars. During the past 6 months, Arctic has completed
transactions representing approximately 15 million in annual revenue. On
an annualized basis, Arctic will have sales revenue of approximately 80
million.
"The acquisition of these companies broadens our distribution network
in Southern Ontario and British Columbia," said Robert Nagy, Arctic Group
Chairman and CEO. "These operations will become an integral component of
our Canadian distribution system working together with Iceco in Chatham and
Missisauga and Pacific Ice in British Columbia". "Our focus is to acquire
operations that create synergies; contributing to the efficiency and
profitability of our existing subsidiaries. These purchases are an
excellent fit with Arctic's strategy of doing accretive acquisitions in
markets contiguous to those in which the Company already has a presence."
As Canada's largest ice company, The Arctic Group Inc. is committed to
building an internationally recognized ice company by focusing on an
aggressive strategy of growth through acquisition and consolidation of the
ice industry in North America.
(Signed) On behalf of the Management and the Board of Directors of The
Arctic Group Inc., Robert Nagy, President and CEO.
TEL: 1-888-573-9237 The Arctic Group Inc.
INET : arcticgroup.com
(c) 1999 Market News Publishing Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.
Companies or Securities discussed in this article:
Symbol Name
ASE:AGP
BB:AICGF
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