Arctic Glacier gets bigger chunk of N.Y. ice market
Last Updated: Wednesday, December 29, 2004 | 4:41 PM ET
CBC News
Financial details of the deal were not disclosed. Family-owned Losquadro has annual revenue of about $10 million.
Losquadro produces about 500 tonnes of ice a day and has a majority share of the packaged ice market in the Brooklyn, Queens, Staten Island and Long Island areas.
It also has operations in northern New Jersey and two production sites in Brooklyn and Roselle Park, N.J.
Arctic Glacier (TSX:AG.UN)entered the New York City market in July 2003, buying Saxony Ice of Mamaroneck, N.Y., and Diamond Ice of the Bronx. Last March, it entered northern New Jersey by acquiring the ice division assets of A.T. Reynolds and Sons Inc. of Kiamesha Lake, N.Y.
The latest acquisition will be financed from a recently completed arrangement for $60 million US in senior notes with John Hancock Life Insurance Co.
Losquadro, which has been family owned since 1928, will continue to be managed by four current principals who have agreed to stay on as Arctic Glacier employees.
Arctic Glacier fund units closed up five cents at $11.90 on the TSX.
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