Boylan Bottling Co. Taps Emigrant Capital for Funding

Clifton, New Jersey - September 10, 2003 - Boylan Bottling Co., a maker of premium soft drinks since 1891, announced today that it has secured a significant equity investment from Emigrant Capital, a $150 million private equity fund. Emigrant Capital executive-in-residence Val Stalowir will join Boylan's board of directors.

"We built this company the old fashioned way - by making a consistently great product, building sales by word-of-mouth, and reinvesting all our profits into the business," said Ronald C. Fiorina, Boylan's President. "However, we realized that if we wanted to compete effectively in this category we would need access to additional funding. This investment gives us the capital to support our rollout to a broader audience and to build stronger relationships with retailers and distributors in new markets. Val's experience with specialty food brands at The Quaker Oats Company and as a senior executive of The Coca-Cola Company will also be a tremendous help for us in this effort."

"Boylan has a rich history dating back over 100 years and has built a loyal following among discerning people who buy Boylan's authentic sodas at Starbucks and gourmet eateries," Stalowir said. "This investment comes just as the company is reaching a critical "tipping point" and will give them the resources to build awareness for the brand through in-store advertising, consumer marketing and promotion."

"We couldn't be happier," said John Appel, a managing director at Emigrant Capital. "This is a unique family-run business with incredible potential. Ron and Mark Fiorina's grandfather bought the soda business from the Boylan family in the 1930s and Ron and Mark have been committed to preserving the company's heritage. Their products are authentic, full-flavored recipes that use the finest extracts, pure cane sugar and are bottled exclusively in glass. Ron and Mark are talented entrepreneurs who have built an impressive business and are now starting to see a rising wave of interest in their products. We are proud to be a part of their story."

Contacts:

MaryAnn LaRosa, Boylan Bottling Co. 800-289-7978 Ext. 15
John G. Appel, Emigrant Capital 212-850-4646