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CoolBrands Acquires Distribution Assets From Parmalat

TORONTO - CoolBrands International Inc., a leader in the consumer products and franchising segments of the frozen dessert industry, said yesterday that it had acquired from Parmalat the Kinnet Dairy DSD ice cream distribution business located mainly in Georgia, with additional distribution coverage in parts of Alabama and South Carolina.

As a result of this transaction, CoolBrands' wholly owned subsidiary, Eskimo Pie Frozen Distribution, Inc., acquired the entire Kinnet Dairy ice cream distribution business, including customer lists, route lists, delivery vehicles, trademarks and inventory, from Parmalat's subsidiary Farmland Dairies LLC for an undisclosed cash purchase price. The business and assets acquired by CoolBrands do not include any business or assets related to Parmalat's Kinnet Dairy milk business, which Parmalat continues to operate.

In July 2003 CoolBrands acquired from Nestle substantially all of its distribution assets in the United States, making CoolBrands one of only two "direct-store-door" ice cream distribution systems with broad penetration of major markets across the United States in the grocery and convenience channels, including in Washington state, Oregon, California, Utah, Florida, Georgia, Maryland, Pennsylvania, New Jersey, Delaware, and the District of Columbia.

"This acquisition expands our distribution footprint, adds operational synergies, and enhances our strategic value as a favored vendor to retailers in the grocery and convenience channels across the Southeast region," said David J. Stein, CoolBrands' president and co-c.e.o. "Acquiring smaller regional systems such as Kinnet Dairy is part of our strategy of expanding and strengthening our DSD system."
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