Reddy Ice targets two firms for acquisition
Oct 2, 2003 12:00 PM, from staff and wire reportsReddy Ice Corp, manufacturer and distributor of packaged ice, has signed a letter of intent to purchase the stock of Triangle Ice Co Inc. Headquartered in Lumberton NC, Triangle Ice operates primarily in North and South Carolina. With annual revenues of about $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.
Reddy Ice Corp also is acquiring Service Ice, based in Orlando FL, with annual sales of approximately $4 million.
A wholly owned subsidiary of Reddy Ice Group Inc, Reddy Ice Corp has more than 1,700 employees. It sells its products to more than 73,000 locations in 31 states and the District of Columbia.