C2, Inc. Acquires Remaining 33% of Total Logistic Control
MILWAUKEE–(BUSINESS WIRE)–Oct. 4, 2000
C2, Inc. (NASDAQ:CTOO) announced today that it has acquired the outstanding 33% minority interest in Total Logistic Control (“TLC”). C2, Inc. now owns 100% of TLC, its Michigan-based operating subsidiary which is a national provider of integrated logistic services. The purchase price for the interest was approximately $8,300,000.
In explaining the transaction, William T. Donovan, C2 President and CEO, said, “The consolidation of our ownership in TLC is an important strategic step forward for us. We are now very well positioned to grow TLC’s business and build its capital base. With the growth we see ahead for TLC, we fully expect this purchase to be accretive in fiscal 2001 and beyond. We are most pleased with the opportunity to buy in this minority interest.”
C2, Inc. will use existing credit facilities and cash resources to fund this purchase.
C2, Inc. is a Milwaukee-based public company engaged in third-party integrated logistic services and the manufacturing of refrigerated merchandising equipment. C2, Inc.’s operating companies include Total Logistic Control and Zero Zone. TLC, based in Zeeland, Michigan, is a national provider of integrated logistic services which include refrigerated and dry warehousing, transportation, supply chain management, dedicated third-party operations management, international customs house brokerage and freight forwarding, food distribution and fulfillment services for e-commerce applications. Operations are conducted through a network of 13 logistic centers with 36.3 million cubic feet of refrigerated capacity and more than 1 million square feet of dry space making it the seventh largest provider of refrigerated warehousing services in the United States. TLC owns and operates a fleet of 203 refrigerated transportation units. TLC recently was cited by Inbound Logistics as a Top 10 Provider of Third Party Logistics Excellence for the third year in a row.
C2, Inc.’s other operating company is Zero Zone, headquartered in North Prairie, Wisconsin. Zero Zone manufactures refrigerated and freezer display cases used in grocery, convenience and drug store chains for retail merchandising of food, beverage and floral products.
This and other C2, Inc. news releases and additional corporate data can be accessed on the Internet at www.c2-inc.com.
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