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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:
SARATOGA BEVERAGE GROUP, INC.
(518) 584-6363
NORTH CASTLE PARTNERS, L.L.C.
(203) 862-3200
NORTH CASTLE PARTNERS ACQUIRES SARATOGA BEVERAGE GROUP
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GREENWICH, Connecticut and WINTERHAVEN, Florida June 21, 2000. North Castle
Partners, L.L.C., a Greenwich based private equity firm specializing in the
healthy living and aging sector, and Saratoga Beverage Group, Inc., a leading
producer of premium refrigerated beverage products and spring water, today
announced that North Castle Partners has acquired all the publicly held stock of
Saratoga Beverage Group, Inc. for $6 per share. Bank of America led the
financing of the transaction.
"Saratoga is a great company with superior products, well regarded
brands and a talented management team. This acquisition furthers our commitment
to building the leading refrigerated premium beverage company in the country,"
said Brent Knudsen, a managing director of North Castle Partners. "We plan to
continue building our leadership position through aggressive investment in the
companies now within the North Castle family as well as continuing to acquire
the best companies in the industry."
"We are proud to join the North Castle family of companies. We can
think of no better partner," said Robin Prever, Saratoga's chief executive
officer. "The professionals at North Castle bring extensive beverage industry
experience and a commitment to grow the business, which will be of tremendous
value to us as we work to advance our business strategy."
ABOUT NORTH CASTLE
North Castle Partners, is a private equity firm with offices in
Greenwich, CT and San Francisco, CA that invests in companies that provide
products and services promoting healthy living and aging. North Castle's other
beverage investments include Mountain Sun Organic and M.H. Zeigler & Sons.
(www.northcastlepartners.com)
ABOUT SARATOGA BEVERAGE GROUP
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Saratoga Beverage Group, Inc. formerly the Saratoga Spring Water
Company, was founded in 1872. Saratoga produces sparkling and non-carbonated
spring water products and Saratoga Splash and, through its subsidiary The Fresh
Juice Company, Inc., manufactures, market and distributes fresh squeezed and
frozen fresh squeezed citrus juices, fresh fruit smoothies (blends of juices and
purees) and other non-carbonated beverages marketed under the labels "Fresh
Pik't," "the Fresh Juice Company," "Hansen's," "Ultimate" and "Just Pik't."
(www.saratogabeverage.com)
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