APPLETON, Wis. & BRAINERD, Minn.–(BUSINESS WIRE)–
Mills Fleet Farm, a Midwestern, value-based retailer of lifestyle
merchandise serving active outdoor families as well as suburban and farm
consumers, and KKR, a leading global investment firm, announced today
that they have entered into a definitive purchase agreement where KKR
will acquire Mills Fleet Farm. Financial terms were not disclosed.
Founded in 1955 by Stewart Mills Sr. along with his sons, Henry Mills II
and Stewart Mills Jr., Mills Fleet Farm has 35 retail stores throughout
four Midwestern States: Minnesota, Wisconsin, Iowa and North Dakota.
Mills Fleet Farm offers national brand and private label goods on a
full-service basis, including fishing and hunting products, auto parts,
farm and pet supplies, home improvement and home living goods, clothing
and footwear, toys and food, among others. It has evolved into a
one-stop shop for its customers combining an unmatched breadth and depth
of merchandise, convenient services and friendly, knowledgeable staff
all under one roof.
“We have decided to partner with KKR in order to take Mills Fleet Farm
to the next level of growth for the future,” said Co-Presidents Henry
Mills II and Stewart Mills, Jr. “We took great care in our approach to
finding the right partner who shared our values and would preserve the
legacy the Mills family has built after serving the Midwest over the
last 60 years. We truly believe KKR is the best fit for us
organizationally and also the best fit for our employees.”
Hugh Leasum, a member of Mills Fleet Farm’s executive management team,
said, “Mills Fleet Farm has grown into the region’s most trusted
full-service retailer of everything you need for life, work, home and
recreation. We are eager to work together with KKR and are confident
this partnership will help us expand upon our already-unparalleled
customer service and continue to best serve our local communities.”
“We are proud to partner with Mills Fleet Farm, a highly differentiated
brand in the Midwest, and invest behind its continued growth,” Nate
Taylor, Member on KKR’s Private Equity team, said. “In doing so, we
remain committed to Mills Fleet Farm’s founding values – and those
shared by KKR – of honesty, integrity, hard work, service and loyalty to
our customers and partners. We anticipate investing significantly in the
business, adding infrastructure, stores and local jobs.”
Closing of the transaction is subject to receipt of regulatory approvals
and other customary closing conditions.
ABOUT MILLS FLEET FARM
Founded in 1955 by Stewart Mills Sr. along with his sons, Henry Mills II
and Stewart Mills Jr., with major operations in Appleton, Wisconsin and
Brainerd, Minnesota, Mills Fleet Farm is a Midwestern, value-based
retailer of lifestyle merchandise serving suburban and farm consumers.
The retailer has a diversified offering of merchandise across seven
broad product categories, and also offers a number of services such as
convenience stores, gas stations, car wash and auto service. The company
operates 35 stores located throughout Wisconsin, Minnesota, Iowa and
North Dakota. For additional information about Mills Fleet Farm, please
visit Mills Fleet Farm’s website at www.fleetfarm.com.
ABOUT KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com
and on Twitter @KKR_Co.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160105005481/en/
KKR
New York
Cara Kleiman, +1 212-519-1619
Cara.Kleiman@KKR.com
Source: KKR & Co. L.P.