Farnam’s Genuine Parts, Inc. and DBF, Inc. (collectively “Farnam’s” or the “Company”), the largest independent NAPA automotive parts retailer in the Upper Midwest, has been acquired by a highly strategic, publicly-traded company. CLA served as the exclusive financial advisor to Farnam’s.
Farnam’s, founded in 1970, represents 23 automotive and truck parts stores across North Dakota, South Dakota, and Minnesota. The Company serves independent garages, dealerships, vehicle fleets, contractors, farmers, DIY consumers, and other consumers by providing accessible automotive aftermarket parts critical for the repair and maintenance of cars, trucks, and other equipment.
Farnam’s was founded as a single location auto parts jobber in Pelican Rapids, Minnesota, by Duane and Lois Farnam, parents of Mark Farnam, the Company’s owner prior to the sale of Farnam’s. Mark was very pleased with the result of the transaction.
“The sale of our company stirs up a mix of emotions as the Farnam family steps away from the automotive and truck parts retail business after over 50 years,” said Mark. “We are looking forward to what the next chapter holds for the Farnam family, and we are grateful for CLA and their numerous teams who have served us for years and secured our goals for the sale of our business.”
Ian Sylvan, a managing director on CLA’s investment banking team and lead on the transaction said, “We knew the Farnams were weighing a variety of factors in their consideration of selling the family business. We worked closely with Mark and the Farnam family to help meet their financial and non-financial objectives in a timely manner that afforded the family options.”
CLA investment banking professionals provide sophisticated corporate finance advisory and investment banking services to lower middle-market businesses and owners. The practice’s services include mergers and acquisitions, recapitalizations, and other transaction-related advisory services.
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