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Reyes Holdings to Return to South Carolina Through Its Acquisition of Henry J. Lee Distributors

Reyes Holdings, L.L.C. announced an agreement to acquire Henry J. Lee Distributors, a distributor of malt beverage products including Miller, Coors, Pabst, Corona and Yuengling brands, located in Charleston and Beaufort, South Carolina.

Henry J. Lee Distributors will join the Reyes Holdings family of companies as a separate business unit. With the addition of Henry J. Lee Distributors, Reyes Holdings’ revenues in 2006 are projected to exceed $7.5 billion with an employee base of over 7,200.

Commenting on the transaction, J. Christopher Reyes, Co-Chairman of Reyes Holdings, said, "We are very excited about the opportunity to continue the strong reputation and growth that Henry J. Lee Distributors has experienced resulting from its high quality brands, ownership and management team.”

Jude Reyes, Co-Chairman, added, "This acquisition brings our beer distribution business around full-circle. Dennis Lee helped us get started in the beer business in 1976 in Spartanburg, SC, for which we are very grateful. We are honored to be continuing what Dennis and his father and brother built, and we intend to continue operations primarily “as is” with Henry J. Lee Distributors’ current employees."

The transaction, scheduled to close in April 2006, is subject to the satisfaction of certain conditions. Details regarding the purchase price were not disclosed.