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MAIN ST. & MAIN INC. ANNOUNCES COMPLETION OF ACQUISITION OF CARNATION DAIRIES PHOENIX

 MAIN ST. & MAIN INC. ANNOUNCES COMPLETION OF ACQUISITION
 OF CARNATION DAIRIES PHOENIX
 SCOTTSDALE, Ariz., May 18 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN, MAIN-U) (the "company") announced that it has completed the acquisition of the assets and business of Carnation Dairies Phoenix ("Carnation Dairy") from the Nestle Food Co. Revenues of Carnation Dairy for the year ended Dec. 31, 1991, exceeded $70 million. Cost of the acquisition was approximately $16 million. Barclays Business Credit Inc. provided acquisition financing and a working capital line of credit.
 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 was made in association with the former president of Carnation Dairies and Nestle Ice Cream in Glendale, Calif. and the general manager of Carnation Dairy in Phoenix. The two executives will be principal executive officers of and own an interest in the continuing operation.
 Steven Sherman, chairman and chief executive officer of the company, stated: "We are proud to have marked the company's second anniversary with the acquisition of Carnation Dairy. Obviously this brings the company to a new plateau in terms of revenues and earnings. Even more importantly, the strengths of Carnation Dairy in terms of excellent customer service, recognizable branded products, committed employees and effective distribution channels, as well as its long-term contractual and personal relationships with Nestle, should provide the impetus for the expansion of the company's operations in the food business. The acquisition also will complement 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."
 Lou Carlo, the president of the newly formed Main St. Food Co., stated: "I am excited about the partnership with the company and the prospects of building a strong and profitable food company."
 -0- 5/18/92
 /CONTACT: Joe W. Panter of Main St. & Main, 602-951-3200/
 (MAIN MAIN-U) CO: Main St. & Main ST: California IN: FOD ENT SU:


EH-CH -- LA034 -- 1475 05/18/92 16:06 EDT
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Publication:PR Newswire
Date:May 18, 1992
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