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EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Contact:
SARATOGA BEVERAGE GROUP, INC.
(518) 584-6363
NORTH CASTLE PARTNERS, L.L.C.
(203) 862-3200
SARATOGA BEVERAGE GROUP, INC. AND NORTH CASTLE PARTNERS, L.L.C.
ANNOUNCE COMPLETION OF ROLLOVER NEGOTIATION
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Winter Haven, FL and Greenwich, CT, June 9, 2000 - Saratoga Beverage Group, Inc.
and North Castle Partners, L.L.C. announced that North Castle and the rollover
shareholders have reached agreement on the restructured post-merger equity. The
rollover shareholders will roll over 700,000 shares of common stock at the
closing as contemplated by the merger agreement. In addition, together with
certain members of management, certain of the rollover shareholders have agreed
to provide additional capital to the recapitalized company immediately after the
consummation of the merger by acquiring additional shares and rolling over
outstanding options. A portion of the rollover shares and additional capital
will be subject to a limited call.
Although there can be no assurance that the merger will be completed, Saratoga
and North Castle expect, subject to the satisfaction of all conditions, to
consummate the merger on or before June 21, 2000.
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, markets 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 Juices," "Ultimate" and "Just
Pik't." Saratoga's Class A common stock is traded on the Nasdaq SmallCap Market
under the symbol TOGA.
North Castle Partners, with offices in Greenwich, Connecticut and San Francisco,
California, is a leading private equity fund focused on developing healthy
living and aging businesses.
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