Core-Mark to draw on revolver for purchase of J.T. Davenport & Sons

By Tali David

Minneapolis, Dec. 10 - Core-Mark Holding Co., Inc. plans to use borrowings under its $200 million revolving credit facility and cash on hand to fund the purchase of J.T. Davenport & Sons, Inc., according to a press release.

The transaction is structured as an all-cash stock acquisition and Davenport, which is located in Sanford, N.C., will become a wholly owned, indirect subsidiary of Core-Mark.

Core-Mark is a San Francisco-based wholesale distributor of packaged consumer products to the convenience retail industry.

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