Rich’s Announces the Acquisition of Celebration Foods

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Buffalo, NY, January 20, 2011 – Rich Products Corporation has acquired Celebration Foods, a leading manufacturer and distributor of frozen desserts and ice cream cakes.

Rich's Announces the Acquisition of Celebration Foods

“The definition of a good acquisition for Rich’s is one that brings long term growth and value through the addition of interesting products, solid operations and talented people. Celebration Foods is just such a company,” said Bill Gisel, Rich’s President and Chief Executive Officer.

The acquisition includes all aspects of the Celebration business, encompassing manufacturing, corporate operations, research and development, and the business’s direct-store-distribution (DSD) system. Rich’s will continue to sell Carvel-branded ice-cream cakes in certain distribution channels under a license agreement with Carvel Corporation, a subsidiary of Focus Brands, Inc. The Carvel brand and franchise business will continue to be owned by Focus Brands.

Rich's Announces the Acquisition of Celebration Foods

“Our acquisition of Celebration Foods provides Rich’s with the opportunity to further shape our portfolio and enhance the overall frozen dessert offering we provide to our customers,” said Richard Ferranti, President, North America Business Group.

“Celebration’s current DSD customers should not experience any disruptions or changes to their current business interactions and agreements,” said Ray Burke, President of Rich’s Foodservice and In-Store Bakery Divisions. “It will be business as usual.”

Tim Shanley, who most recently served as Celebration Food’s president, has joined Rich’s as Managing Director, Celebration Foods. In his new role, Shanley will be responsible for the sales and marketing functions of Celebration’s DSD business, which will be operated as a separate customer-facing channel within Rich’s.

“We are pleased that Tim will be joining our team and look forward to leveraging his talents and expertise in the frozen dessert category,” said Burke.