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March 1, 2001

BGL Completes Sale of Slush Puppie Corporation to Dr Pepper/Seven Up, Inc.

The investment banking firm of Brown, Gibbons, Lang & Company (BGL) announced it has completed the sale of Cincinnati-based Slush Puppie Corporation to Texas-based Dr Pepper/Seven Up, Inc. Slush Puppie Corporation was established in 1970 and manufactures frozen, non-carbonated beverages. They are primarily sold as self-serve fountain products and frozen cocktails served in restaurants and bars. The company also provides frozen slush-making equipment, point-of-sale materials and support services. It has trademark registrations in more than 40 countries and sells its products through a worldwide network of more than 100 licensed distributors.

“It’s a great result for the buyer, seller and ongoing business operation,” said Michael Gibbons, BGL senior managing director & principal. “Slush Puppie obtains the marketing muscle and other resources it needs to continue to grow. Dr. Pepper/Seven Up acquires what is arguably the most popular non-carbonated frozen beverage in the world and access to a worldwide distribution network through which it can sell numerous other products. And Will Radcliff, Slush Puppie’s founder and primary shareholder, attains liquidity after more than 30 years of building the company.”

Dr Pepper/Seven Up, Inc. is a leading non-cola soft drink enterprise of North America, with about 16 percent of the market. It is also the largest division of London-based Cadbury Schweppes plc (NYSE:CSG; LSE:CBRY). In addition to Dr Pepper and 7 UP, the company’s other leading brands include A&W, Sunkist, Canada Dry, Schweppes, Hawaiian Punch, Squirt and RC Cola.