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U.S. Bancorp Piper Jaffray Represents International Multifoods in Sale Of

Distribution Business

MINNEAPOLIS, Sept. 18 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray, a leading mergers and acquisitions (M&A) advisor, served as exclusive financial advisor to International Multifoods Corporation (IMC) in the
$180 million sale of its distribution business to an affiliate of Wellspring Capital Management LLC, a private equity investment firm.  The transaction was structured as a stock sale with a 338h(10) election for tax purposes and closed on September 9, 2002.

Headquartered in Minnetonka, Minn., IMC sold its distribution business, which consists of Denver-based Multifoods Distribution Group, Inc. (MDG) and Hartford-based Better Brands, Inc.  MDG is a distributor of food and food- related products to limited-menu restaurants, independent pizza restaurants and vending operators in the United States.  MDG's vending distribution business is the largest in the United States and operates under the VSA name. Better Brands, Inc. is a leading broadline foodservice distributor in the Northeastern United States.

We are thrilled to have had the opportunity to represent our longtime client, IMC, in this transaction, said Tom Halverson, principal in U.S. Bancorp Piper Jaffray's consumer investment banking group.  The divestiture of the distribution business completes the evolution of IMC from a diversified food holding company to a focused food manufacturer with market-leading retail brands and a substantial foodservice presence.

Closing the sale of the distribution business is also important because it provides IMC with the financial flexibility to invest more heavily in its branded food manufacturing platform, said Glenn Gurtcheff, managing director and co-head of U.S. Bancorp Piper Jaffray's middle market mergers and acquisitions group.  IMC is now poised to take full advantage of an outstanding market opportunity in a rapidly consolidating industry segment.

About International Multifoods Corporation

International Multifoods is a manufacturer and marketer of branded consumer foods and foodservice products in North America.  The company's food manufacturing businesses have combined net sales of approximately $1 billion. Multifoods' brands include Pillsbury® desserts and baking mixes; Hungry Jack® pancake mixes, syrup and potatoes; Martha White® baking mixes and ingredients; Robin Hood® flour and baking mixes; Pet® evaporated milk and dry creamer; Farmhouse® rice and pasta side dishes; Bick's® pickles and condiments in Canada; Softasilk®, a premium cake flour; Red River® hot flax cereal; and Golden Temple®.

About Wellspring Capital Management LLC

Wellspring Capital Management LLC is a New York-based private equity firm with over $350 million under management.  The firm is focused on acquiring companies where it can realize substantial value by contributing management expertise, innovative operating and financing strategies and capital.

About U.S. Bancorp Piper Jaffray:

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB), provides a full range of investment products and services to businesses, institutions and individuals.  The company's investment banking business has grown significantly in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and manufacturing and services sectors.  U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research, equity and debt financing and mergers and acquisitions advisory.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.  Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.   (5/99-0679)



SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             09/18/2002

/CONTACT:  Dana Wade, Public Relations, of U.S. Bancorp Piper Jaffray, +1-415-277-1556/

/Web site:  http://www.piperjaffray.com  /


CO:  U.S. Bancorp Piper Jaffray; International Multifoods Corporation;

Wellspring Capital Management LLC; Multifoods Distribution Group, Inc.;

Better Brands, Inc.

ST:  Minnesota

-- MNW006 --
7066 09/18/2002 13:07 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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