Agenda - Council - 01/08/2002 - Laserfiche WebLink

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Memo To~ From: CC: Date: Re: Ramsey City Council Michael J. Mulrooney, Development Consultant James E. Norman January 3, 2002 Amendment to Contact for Private Development with Matesk LLC (d.b.a. Systematic Refrigeration) Properties The City of Ramsey has been approached by the owner of Systematic Refrigeration regarding the potential sale of the business to a company known as Zero Zone, Inc. Zero Zone is headquartered in North Prairie, Wisconsin. The company started in 1961 as a manufacturer of freezers. They soon became one of the first companies to use energy efficient glass doors in self-contained reach in freezer units. This is a product similar to what Systematic Refrigeration currently manufactures in Ramsey. In March of 1999 Zero Zone was acquired by another company called C2, Inc., which is headquartered in Milwaukee Wisconsin. C2, Inc is a NASDAQ traded company engaged in integrated logistic services and the manufacturing of refrigerated merchandising equipmentl The acquisition of Systematic Refrigeration fits with the business plan of C2 and it's subsidiary Zero Zone, Inc. It will allow the company to grow at a more rapid rate and enter new markets. It is anticipated that the sale will occur through an asset purchase agreement. Zero Zone will be establishing a separate acquisition company called ZZ ACQUISITION 11 CORP. to complete the acquisition. Corporate Address: 8960 Springbrook Drive Phone: (763) 780-7900 Suite 230 Fax (763) 786-6606 Mpls. MN 55433 -166- I I I I I I I I I I I I I I I I I I I