Core-Mark Closes on Farner-Bocken Acquisition
SOUTH SAN FRANCISCO — Core-Mark Holding Co. Inc. builds on its Midwest presence by closing on its acquisition of Farner-Bocken Co.
The $174-million deal was paid in cash and is subject to post-closing adjustments. Core-Mark did not assume debt or significant liabilities, and the company funded the purchase with borrowings under its credit facility.
Core-Mark entered into a definitive asset purchase agreement to acquire Carroll, Iowa-based Farner-Bocken in May, as CSNews Online previously reported. The deal was subject to standard regulatory approvals, including applicable state licensing requirements for the sale of tobacco and other regulated products.
The acquisition is expected to be accretive within the first year following closing.
Weil, Gotshal & Manges LLP served as counsel to Core-Mark, and Davis, Brown, Koehn, Shors & Roberts, P.C. served as counsel to Farner-Bocken.
Third-generation family-held Farner-Bocken Co. was founded in 1939 and operates in 14 states. The company employs more than 1,000 members.
Core-Mark, based in South San Francisco, offers a full range of products, marketing programs and technology solutions to approximately 35,000 customer locations in the United States and Canada through 29 distribution centers.