RALEIGH, N.C., Oct. 16 /PRNewswire/ -- Pepsi Bottling Ventures, LLC (PBV) has signed a Letter of Intent to purchase the assets of L.E. Farrell Company, the Pepsi-Cola franchise bottler based in Burlington, Vermont. The terms of the LOI provide for a closing by the end of November 2007.
The Farrell Company's franchise territory encompasses 11 of Vermont's 14 counties and includes Burlington, the state's largest city and home of the University of Vermont. The area is also renowned as a year-round vacation destination, famous for some of North America's leading resorts and natural beauty, attracting over 13 million visitors each year.
The Vermont bottler, which traces its origins to the mid-1930s, has sales and distribution facilities in Burlington and North Clarendon, Vermont. The company has nearly 150 employees and revenues in excess of $27 million.
"By combining the resources of Pepsi-Cola Burlington with those of PBV, we will create an even stronger entity, which will be better equipped to meet the needs of our customers, employees, and the communities we serve," said Keith Reimer, President and CEO of Pepsi Bottling Ventures.
Pepsi Bottling Ventures, LLC is the nation's third largest Pepsi-Cola bottler, operating 21 manufacturing, distribution, and sales facilities in North Carolina, New York, Delaware, Maryland, and Virginia, serving over 8 million consumers. PBV is headquartered in Raleigh, North Carolina.
Source: Pepsi Bottling Ventures