Thursday April 8, 8:07 am Eastern Time
Company Press Release
Arctic Group To Acquire Minnesota-Based Diamond
Clear Ice
WINNIPEG, MANITOBA--The Arctic Group Inc. announced today that it has signed a letter of intent to acquire
Minnesota-based ice producer and distributor, Diamond Clear Ice of Marshall Inc.
Diamond Clear Ice is the largest ice company in western Minnesota and eastern South Dakota. The company also delivers ice
in the north west portions of Iowa and south east North Dakota. Based in Marshall, Minnesota, Diamond Clear, with annual
sales of a pproximately $4,000,000 CDN, services a customer base of approximately 1500 accounts utilizing strategically
located distribution facilities in Minnesota and South Dakota.
''This operation is an ideal fit with our recent acquisitions of North Star Ice in Minnesota, Krieg Boys Ice in Iowa, and Valley
Ice in Nebraska in that it widens our geographic position in the northern United States,'' said Robert Nagy, Arctic Group Chair
man and CEO. ''The Diamond Clear Ice acquisition will enable Arctic to further rationalize our distribution in the north central
USA''. ''The company is an excellent example of acquisitions which can improve the efficiency and profitability of Arctic's exi
sting subsidiaries''.
Subject to final due diligence, financing, Board and regulatory approvals, the transaction is scheduled to close within 90 days.
Senior management at Diamond Clear Ice will be retained following the acquisition.
The Arctic Group is one of the largest ice companies in North America with operations that encompass all the major markets in
Canada and service a substantial segment of the United States. The acquisition of Diamond Clear Ice is a further step in the ex
ecution of Arctic's business plan to consolidate the North American industry.
(Signed) On behalf of the Management and the Board of Directors of The Arctic Group Inc., Robert Nagy, Chairman and
CEO.
Contact:
The Arctic Group Inc.
TOLL FREE at 1-888-573-9237
Web Site at arcticgroup.com. |
