Core-Mark Holding Co., Inc., South San Francisco, Calif., entered into a definitive asset purchase agreement to acquire substantially all of the assets of Farner-Bocken Co., Carroll, Iowa.
Farner-Bocken is a third-generation, family-held distributor of foodservice products such as groceries, beverages, produce, dairy goods/ice cream, fresh and frozen meats and appetizers, among others, to customers in 14 states. It employs over 1,000 people.
"We are excited to welcome the customers and employees of Farner-Bocken to the Core-Mark family. Both of our companies have built strong reputations in the marketplace with customers, employees and suppliers. This acquisition establishes a strong foothold in the Midwest, and provides Core-Mark additional expertise in foodservice and fresh that has the potential to spread through our other divisions," says Thomas Perkins, president and CEO of Core-Mark. "Under the continued leadership of Dean Onken and Paul Francis who will be named co-division presidents, we expect the Farner-Bocken team will continue to be a market leader in providing value-added programs and excellent service to their customers."
"After a careful evaluation of potential partners to preserve the Farner-Bocken Co. legacy, Core-Mark emerged as the obvious choice. Their commitment to customers and employees, along with their successful track record with previous acquisitions were the prevailing decision factors," says John Norgaard, Farner-Bocken's chairman. "Farner-Bocken and Core-Mark are both committed to exceeding customer expectations by offering exceptional service and complete retail solutions. Core-Mark values the relationships we have built over the years. Most importantly, they respect our culture, reputation and talented employees."