Cary Street Partners LLC announced today that Reddy Ice Corporation has acquired the City Ice Company (the “Company” or “City Ice”), a Chesterfield, VA based provider of packaged ice to customers throughout Central Virginia. Cary Street Partners acted as City Ice’s exclusive financial advisor. Terms of the transaction were not disclosed.
City Ice was originally established in 1903 as a traditional block and ice plant in Petersburg, Virginia. In 1998, Mr. Resnick moved the plant to Chester, VA, where he designed and constructed a state-of-the-art ice production facility. Through years of product development and a devotion to first-class service, City Ice became the leading independent ice distributor in Central Virginia.
“I have been so impressed by the many positive changes Reddy Ice’s new leadership brings to this industry. Many of our employees have been offered futures with Reddy, which means a great deal to me. More importantly, I feel they will provide my customers, whom I have deeply enjoyed working with, a continuation of the kind of quality and service they have come to expect from us”, said Mark Resnick. Resnick also thanked local firm Cary Street Partners for its role in facilitating the transaction. “From day one, Cary Street Partners served as my trusted advisor. Their team played an invaluable role in organizing our process, positioning City Ice and reaching out to the appropriate potential partners.”
About Reddy Ice
Headquartered in Dallas, Texas, Reddy Ice manufactures and distributes packaged ice products in the United States. With a nationwide presence, Reddy Ice serves a variety of customers in 34 states and the District of Columbia, and is the leader in providing consumers and businesses with ice products.
About Cary Street Partners
Cary Street Partners provides objective investment banking and wealth management solutions to successful individuals, institutions and companies from its Southeastern base. The investment banking team provides a broad range of services including merger and acquisition advisory services, private placements of debt and equity capital, and strategic and financial advice to management teams and boards of directors of emerging growth and middle market public and private companies across a variety of industries. Cary Street Partners is the trade name used by two separate limited liability companies, Cary Street Partners Investment Advisory LLC, a registered investment advisor; and Cary Street Partners LLC, a registered broker-dealer and a member of FINRA and SIPC.
For more information about this transaction or Cary Street Partners’ investment banking group, please contact Brett Bond at (704) 512-0156 or Tom Tullidge at (804) 521-334. Additional information about Cary Street Partners can be found at www.carystreetpartners.com.