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MAIN ST. & MAIN INC. ANNOUNCES AGREEMENT TO ACQUIRE CARNATION DAIRIES PHOENIX

 MAIN ST. & MAIN INC. ANNOUNCES AGREEMENT
 TO ACQUIRE CARNATION DAIRIES PHOENIX
 SCOTTSDALE, Ariz., March 9 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN, MAIN-U) (the "company") announced that it has entered into a definitive agreement to purchase the assets and business of Carnation Dairies Phoenix ("Carnation Dairy") from the Nestle Food Co. ("Nestle"). The revenues of Carnation Dairy for the year ended Dec. 31, 1991 exceeded $70 million. The purchase price was not disclosed.
 Carnation Dairy is one of two major independent dairies serving the Arizona market. Carnation Dairy produces a broad line of fluid milk products, packaged and bulk ice cream and cottage cheese. It distributes these and other dairy products (including ice cream novelties and yogurt products) to many major food distributors in Arizona, California, Nevada, Utah, New Mexico, Colorado and Mexico. Carnation Dairy will continue to produce and sell a wide variety of private-label products as well as Carnation and other Nestle-branded products through license and supply agreements with Nestle and its affiliates.
 Carnation Dairy conducts its operations through a 130,000-square- foot milk processing plant located on a 9.5-acre site at Central Avenue and Indian School Road in Phoenix, a 30,000-square-foot ice cream distribution center located on a 6.5-acre site near Sky Harbor International Airport in Phoenix, and a 6-acre distribution center in Tucson, Ariz. The business employs a total of approximately 250 people.
 The acquisition is being made in association with the former president of Carnation Dairies and Nestle Ice Cream in Glendale, Calif., and the general manager of Carnation Dairies Phoenix. The two executives will be principal executive officers of and own an interest in the continuing operation. The funds for acquisition and working capital will be obtained through financing from a major banking institution, an investment by a prominent South Korean industrialist and the company's own funds.
 Steven Sherman, chairman and chief executive officer of the company, stated: "The company is very pleased to be joining with senior management of Carnation Dairies in the acquisition. The opportunity to own this business, with its excellent track record in profitability, superior operations and well-established distribution channels, represents the first step in an important expansion of the company's operations into the food and food distribution business. The acquisition will compliment and facilitate the further growth of our existing businesses which are the ownership and operation of T.G.I. Friday's restaurants and Fiddlesticks family entertainment centers."
 -0- 3/9/92
 /CONTACT: Joe W. Panter of Main St. & Main, 602-951-3200/
 (MAIN MAIN-U) CO: Main St. & Main Inc.; Carnation Dairies Phoenix; Nestle Food Co. ST: Arizona IN: FOD LEI SU: TNM


KJ-CH -- LA002 -- 6246 03/09/92 09:16 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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