Core-Mark
Holding Company, Inc. CORE, one of the largest marketers of
fresh and broad-line supply solutions to the convenience retail
industry in North America, announced today that it has closed its
previously announced acquisition of J.T. Davenport & Sons, Inc.
effective December 17, 2012.
The purchase price at closing was approximately $38 million and is
subject to a 120 day adjustment period. The purchase price was based
on the value of certain assets, liabilities and a premium, all of
which is subject to a fair value assessment. No debt or real property
was assumed in this transaction, and Core-Mark funded $34 million at
closing with a $4 million indemnification holdback. The deal is
expected to be accretive in 2013, excluding approximately $2.5
million in start-up and conversion costs, a portion of which will be
incurred in 2012.
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