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HARVEY GROUP ANNOUNCES AGREEMENT IN PRINCIPLE FOR ACQUISITION OF THE BOERNER COMPANY BY MERKERT ENTERPRISES

 HARVEY GROUP ANNOUNCES AGREEMENT IN PRINCIPLE FOR ACQUISITION OF
 THE BOERNER COMPANY BY MERKERT ENTERPRISES
 ROSLYN HEIGHTS, N.Y., Dec. 26 /PRNewswire/ -- The Harvey Group Inc. (AMEX: HRA) announced today that it had reached an agreement in principle with Merkert Enterprises, Inc., a company owned in part by an employee stock ownership plan and based in Canton, Mass., in which Merkert Enterprises would acquire the Boerner Company, Harvey's food brokerage division, for approximately $7,100,000 payable over 5-1/4 years and subject to possible adjustment. In addition, Merkert Enterprises will be purchasing certain fixed assets of the Boerner division at approximately their book value. The transaction is subject to, among other things, the approval of Harvey's shareholders and execution of a definitive agreement.
 It is anticipated that the transaction will be completed in the first quarter of 1992.
 In commenting on the transaction, Robert C. Cignarella, president and chief executive officer of Boerner, said, "I and the management of Boerner are very enthusiastic about the association with Merkert Enterprises, an employee owned private company. They are one of the most prominent food marketing organizations in the country." Boerner will remain an autonomous division and continue to operate with its present management at its current location. Cignarella went on to say, "One of the benefits of this new arrangement is that the Boerner employees will have the opportunity to participate in the ownership of the company."
 Harvey E. Sampson, chairman of the board of the Harvey Group, said, "This transaction will permit Harvey to expand its successful retail electronics business and over the long term benefit our shareholders."
 The Harvey Group Inc. is engaged in the food brokerage business and the retail sale and service of consumer electronic equipment.
 -0- 12/26/91
 /CONTACT: Dennis Wilson, executive vice president and chief financial officer of the Harvey Group, 516-621-3366/
 (HRA) CO: The Harvey Group Inc.; The Boerner Company; Merkert Enterprises,
 Inc. ST: New York, Massachusetts IN: SU: TNM


GK -- NY003 -- 5247 12/26/91 08:36 EST
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Publication:PR Newswire
Date:Dec 26, 1991
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