Arctic Group Inc (The) -
Shares issued 33,607,559 1999-03-11 close $1.85
Friday Mar 12 1999
Mr. Robert Nagy reports
The company has completed a transaction to acquire 100 per cent of Valley Ice Co., the largest ice manufacturer/distributor in Nebraska.
Valley Ice has production facilities in Omaha and Lincoln, Neb., as well as distribution facilities in Grand Island and Norfolk, Neb. From these locations, Valley Ice services customers in Nebraska, Missouri and Kansas.
The acquisition of Valley Ice is an ideal fit with the company's previous acquisitions of North Star Ice in Minnesota and Krieg Boys Ice in Iowa. Valley Ice, with annualized revenues of approximately $7-million (Canadian) is a significant acquisition for the company. The manager of Valley Ice, Dave Potter, will continue to lead the operation and is another addition to the management team of the company. The acquisition further enables the company to service accounts on a national basis and will enhance its position as an industry leader.
The company has acquired all of the issued and outstanding shares of Valley Ice. The investment in Valley Ice was completed through credit facilities provided by RoyNat Inc., the company's lead lender.
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