San Francisco-based Core-Mark Holding Company, Inc. this morning announced they have entered into a Definitive Asset Purchase Agreement to acquire all of the assets of Carroll’s Farner-Bocken Company. The estimated $190 million acquisition will, according to Core-Mark President and CEO, Thomas B. Perkins, provide the company a strong foothold in the Midwest and additional expertise in foodservice that has the potential to spread through other divisions. “After a careful evaluation of potential partners to preserve the Farner-Bocken Company legacy, Core-Mark emerged as the obvious choice,” says Farner-Bocken Chairman, John Norgaard. “Their commitment to customers and employees along with their successful track record with previous acquisitions were the prevailing decision factors.” Current Farner-Bocken President, Dean Onken and Chief Financial Officer, Paul Francis, will remain in core leadership positions as Co-Division Presidents and the Farner-Bocken team will continue to provide value and added service to customers. Third-generation-owned Farner-Bocken is a landmark Carroll company founded in 1939. Their more than 1,000 employees provide foodservice and fresh supplies to nearly 6,000 customers in 14 Midwestern states from the 430,000 square foot facility on the east edge of Carroll. Founded in 1888, Core-Mark is now one of North America’s largest marketers of fresh and broad-line supply solutions to the retail convenience industry. They serve more than 42,000 customers through 30 distribution centers. Carroll Broadcasting will bring you more on this acquisition in upcoming broadcasts.
