North American food distributor Core-Mark Holding Company has today (21 June) agreed to acquire all of the assets of Klein Candy for approximately US$65m.
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Core-Mark, which distributes to the convenience retail industry, has funded the transaction from excess availability under its existing $250m revolving credit facility.
Core-Mark CEO Michael Walsh said: “We believe that Klein will be a tremendous addition to Core-Mark.
“Core-Mark is committed to continuing to provide great service to the Klein customer base. Also, we are pleased to have Klein management team join the Core-Mark management team.”
Klein Candy, which trades as Klein Wholesale Distributors, distributes cigarettes, tobacco, groceries, candy, food service and beverages in the US. The newly acquired company’s annual revenue is expected to be approximately $600m, according to Core-Mark.
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