Stolberg’s Platform Ices Two Add-On Acquisitions –

In spite of the cold temperatures that came at the end of December, Stolberg, Meehan & Scano’s appetite for frozen novelties was not diminished.

The New York- and Denver-based firm’s platform The Frozfruit Co., a manufacturer and distributor of frozen desserts, acquired Garden, Calif.-based M & B Coolsnacks, L.L.C. and Moore Enterprises of Fort Worth, Texas.

Terms of the transactions were not disclosed. Fleet Bank provided senior debt for both transactions.

Building with Brand Names

Coolsnacks manufactures and markets Banana Bites, a chocolate-covered frozen fruit snack, as well as other frozen novelties. The company had 1997 revenue of approximately $2 million.

Moore Enterprises produces frozen fruit snacks, including the Lemon Chill brand; the company, which had 1997 revenue of $10 million, sells its products at Six Flags amusement parks and athletic stadiums throughout the U.S.

According to Robert Geiger, chief operating officers of SMS Brands-Stolberg’s food products holding company-the addition of the two companies will bring Frozfruit’s annual revenue to approximately $24 million. Also, the proprietary niches in which Moore’s products are sold should help Frozfruit increase its market share, Mr. Geiger added.

Stolberg acquired Frozfruit in March (BUYOUTS April 20, 1998, p. 14) and will look to grow it to a company with annual revenue of $50 million, Mr. Geiger said.