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THE PROTEIN GROUP REPORTS THE ACQUISITION OF HIGH'S DAIRIES AND EMBASSY DAIRY FROM THE MORNINGSTAR GROUP

THE PROTEIN GROUP REPORTS THE ACQUISITION OF HIGH'S DAIRIES AND EMBASSY
    DAIRY FROM THE MORNINGSTAR GROUP
    STAMFORD, Conn., July 7 /PRNewswire/ -- The Protein Group, a processor and distributor of milk, ice cream and related food products, announced today that it has acquired two Maryland-based companies, High's Dairies, Inc., dba East Coast Ice Cream, and Embassy Dairy, Inc., both from the Morningstar Group Inc. (NASDAQ: MSTR) of Dallas.
    Embassy Dairy is a leading dairy processor and distributor primarily serving the convenience store market in the Baltimore/Washington and Philadelphia metropolitan areas.  Main production facilities are located in Waldorf, Md.  East Coast Ice Cream, located in Laurel, Md., is one of the top manufacturers and suppliers of ice cream novelties in the mid- Atlantic region.  Both companies manufacture and distribute products under in-house labels such as Barricini, Embassy, Trimline and East Coast, as well as prominent regional and national brands.
    The newly acquired companies will work closely with Protein Group's existing dairy operations in western Pennsylvania, Fike's Dairy and Daisy Lane Inc., to focus on expanding production and distribution of milk, juice, drinks, ice cream and frozen novelties throughout the mid- Atlantic region.  The combined dairy group employs about 700 people in Maryland, Pennsylvania, Virginia and New Jersey.
    The acquisitions were negotiated and completed by Protein Capital Corporation, the group's acquisition and investment arm, as part of the continuing program to build a major national presence in dairy and other basic food products.  Financing was structured in conjunction with Protein Group executives and was provided by Congress Financial Corporation.
    Ralph W. Rogers is president and CEO of the group and its subsidiaries, Stephan P. Lanfer is chairman, and Scott W. Andrews serves as executive vice president, finance and administration.  Raymond M. Danchak is chief operating officer of the Protein Dairies division. Harry A. Lund is president and CEO of Protein Capital Corporation. Reporting to Danchak are the three operating company executives:  James S. Ring, Embassy Dairy; Jack M. Sherman, East Coast Ice Cream; and Whit W. Gallagher, Fike's Dairy and Daisy Lane.
    Protein Group operating and administrative headquarters are located in Columbia, Md.  Protein Capital Corporation is headquartered in Stamford.
    -0-             07/07/92
    CONTACT:  Scott Andrews of Protein Group, 410-740-5612, or Harry Lund of Protein Capital, 203-356-7660
    (MSTR) CO:  PROTEIN CAPITAL CORPORATION; MORNINGSTAR GROUP INC. IN:  FOD SU:  TNM ST:  MD,CT,TX -- NY081 -- X896  07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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