US Convenience distributor Core-Mark Holding Co. Inc. finalized a definitive asset purchase agreement to acquire substantially all the assets of Pine State Convenience, a division of Gardiner, Maine-based Pine State Trading Co. The transaction is structured as an all-cash asset acquisition. The purchase price is estimated to be approximately $112 million, based on the value of certain assets to be determined at closing. No debt or significant liabilities are being assumed in the transaction.
Pine State Convenience serves the Northeast and employs more than 500 people who have contributed to building a distribution organization that has grown its sales to nearly $1 billion through exemplary customer service, advocating vendor consolidation, and data-driven selling, the company said. Pine State's Keith Canning will continue to lead the acquired assets as division president.
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