Clearview Capital, LLC

Clearview Capital Acquires M.H. Zeigler & Sons, LLC From Ultimate Juice, Inc.
July 16, 2003

Clearview Capital, LLC, of Old Greenwich, CT, today announced that it has completed the acquisition of M.H. Zeigler & Sons, LLC, the Lansdale, PA-based manufacturer and distributor of branded and private label apple cider, lemonade and iced tea. Zeigler’s was acquired from Ultimate Juice Company, a portfolio holding of Greenwich based private equity firm North Castle Partners.

The Zeigler’s brand of apple cider and cider blends is well known throughout the northeast and is the leading refrigerated apple cider sold primarily through the grocery channel. Zeigler’s has expanded its distribution nationally in recent years and has accelerated its growth by introducing a full line of lemonade and iced tea products sold in the produce section of grocery stores.

“We are extremely pleased to have the opportunity to build upon our prior experience investing in food companies by acquiring Zeigler’s,” said Calvin Neider, co-founder and co-Managing Partner of Clearview Capital. “It’s a fine company with a strong management team and great growth prospects.

“Zeigler’s was not a strategic fit for Ultimate Juice, which was focused on growing other parts of its business,” said James G. Andersen, co-founder and co-Managing Partner of Clearview Capital. “We’re confident that Zeigler’s will benefit from a renewed emphasis on apple cider, lemonade and iced tea and from the capital resources Clearview has provided to support the company’s growth.”

The acquisition of Zeigler’s is the first investment for Clearview Capital Equity Fund II, which was raised in 2002. Clearview’s other holdings, made through Clearview Capital Equity Fund I, include Compression Polymers Group of Scranton, PA, American Furniture Manufacturing, Inc. of Pontotoc, MS and VIA, Inc. of Sparks, NV. Clearview’s portfolio companies have aggregate sales of $300,000,000 and operating profits in excess of $50,000,000.

Mezzanine debt was provided by New Caanan Funding LLC and Brookside Pecks Capital Partners, L.P. Since both Clearview and the seller desired a quick closing, Clearview closed the transaction with equity and mezzanine debt only. Senior debt financing will be put in place soon after the closing.