- -----------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 2, 2000
TRIARC COMPANIES, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-2207 38-0471180
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
280 Park Avenue
New York, New York 10017
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212)451-3000
-----------------------------
(Former Name or Former Address, if
Changed Since Last Report)
- ------------------------------------------------------------------------------
Item 5. Other Events.
Acquisition of Snapple Distributors of Long Island, Inc.
On January 2, 2000, Snapple Beverage Corp., a subsidiary of Triarc
Companies, Inc. completed its acquisition of all of the outstanding capital
stock of Snapple Distributors of Long Island, Inc. from the shareholders of Long
Island Snapple for $16.8 million in cash, subject to certain post-closing
adjustments. Snapple also agreed to pay $2.0 million over a 10-year period in
consideration for a 3-year non-compete agreement by the sellers. Long Island
Snapple was the largest non-company owned distributor of Snapple(R) products and
a major distributor of Stewart's(R) products. Long Island Snapple had net sales
of approximately $28 million in 1998.
A copy of the Stock Purchase Agreement and the press release with
respect to the closing of the acquisition are being filed as exhibits hereto.
Acquisition of Airplane
On January 19, 2000, Triarc acquired all of the outstanding membership
interests of 280 Holdings, LLC from Triangle Aircraft Services Corporation, a
corporation owned by the Chairman and Chief Executive Officer and President and
Chief Operating Officer of Triarc, for $27.2 million, consisting of $9.2 million
of cash and the assumption of $18.0 million of debt. In December 1999, 280
Holdings acquired from Triangle Aircraft the airplane that had been leased to
Triarc by Triangle Aircraft. In addition, Triangle Aircraft refunded to Triarc
$1.2 million, representing the unamortized portion of the payment relating to
the airplane that Triarc made to Triangle Aircraft in 1997 in connection with
a five year extension of the lease of the airplane.
A copy of the Purchase Agreement with respect to the closing of the
acquisition is being filed as an exhibit hereto.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits
10.1 Stock Purchase Agreement, dated January 2, 2000, by and among
Snapple Beverage Corp. and the shareholders of Snapple
Distributors of Long Island, Inc.
10.2 Purchase Agreement dated January 19, 2000 by and among Triarc
Companies, Inc., Triangle Aircraft Services Corporation,
Nelson Peltz and Peter W. May.
99.1 Press release dated January 4, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIARC COMPANIES, INC.
Date: January 24, 2000 By: JOHN L. BARNES, JR.
------------------------------
John. L. Barnes, Jr.
Executive Vice President
and Chief Financial Officer
Exhibit Index
Exhibit
No. Description Page No.
10.1 Stock Purchase Agreement, dated
January 2, 2000, by and among Snapple
Beverage Corp. and the shareholders of
Snapple Distributors of Long Island, Inc.
10.2 Purchase Agreement dated January 19, 2000 by
and among Triarc Companies, Inc., Triangle
Aircraft Services Corporation, Nelson Peltz
and Peter W. May.
99.1 Press release dated January 4, 2000.