SOURCE: Core-Mark Holding Company, Inc.

Core-Mark Holding Company, Inc.

March 02, 2015 08:31 ET

Core-Mark Completes Acquisition of Karrys Bros., Limited in Canada

SOUTH SAN FRANCISCO, CA--(Marketwired - Mar 2, 2015) - Core-Mark Holding Company, Inc. (NASDAQ: CORE), one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, closed the purchase of substantially all of the assets of Karrys Bros., Limited ("Karrys") and certain affiliates for approximately C$10 million. Annual sales for the acquired business are approximately C$100 million.

"Karrys has been a strong presence in Canada, and we are pleased to have them join our company," said Thomas B. Perkins, President and Chief Executive Officer of Core-Mark. "We are excited to have the opportunity to continue providing Karrys' customers with industry leading service they have come to expect, and we are pleased to welcome a select group of Karrys' employees to the Core-Mark family."

Founded in 1913, Karrys has been dedicated to the wholesale distribution of tobacco, confectionary, snacks, beverages, health and beauty products, grocery and automotive supplies for over a century. In addition to traditional consumer packaged goods, Karrys offers fresh, frozen and refrigerated products. Karrys serves a diverse customer base consisting of traditional convenience, mass merchants, institutional and a variety of other retail formats. Karrys has a longstanding reputation for their commitment to helping customers be successful.

Core-Mark

Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 35,000 customer locations in the U.S. and Canada through 29 distribution centers (excluding two distribution facilities that Core-Mark operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com.

Forward-Looking Statements

Except for historical information, the statements made in this press release are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial conditions or state other forward-looking information. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.

Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Forward-looking statements in some cases can be identified by the use of words such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "believe," "could," "would," "project," "predict," "continue," "plan," "propose" or other similar words or expressions. Forward-looking statements are made only as of the date of this press release and are based on our current intent, beliefs, plans and expectations.

Factors that might cause or contribute to such differences include, but are not limited to, our ability to successfully integrate the Karrys business; unexpected costs and benefits of the transaction; changes in management plans relating to the transaction or the assets acquired; our ability to borrow additional capital; governmental regulations and changes thereto, including fair trade and tax laws; our ability to achieve the expected benefits of implementation of marketing initiatives; our reliance on manufacturer discount and incentive programs and cigarette excise stamping allowances; and our dependence on senior management. Refer to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 2, 2015. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.