Acquisition of Northern Neck Coca-Cola Bottling Co.,Inc.
For Immediate Release
Arbor Private Investment Company announced today that it has completed its acquisition of Montross, Virginia-based Northern Neck Coca-Cola Bottling Co., Inc. from Arthur E. Carver III. Arbor’s partners in the acquisition are National Basketball Association veteran, Terry Porter, and former Coca-Cola North America executive, John T. Adams. Terms of the sale were withheld.
The Carver family has owned and operated Northern Neck Coca-Cola Bottling Co. since 1921. Northern Neck Coca-Cola Bottling Co. services one of the country’s most historic areas. Northern Neck, as its known, is the peninsula of Eastern Virginia bordered by the Potomac and Rappahannock Rivers and the Chesapeake Bay. Northern Neck was the birthplace of Presidents, George Washington and James Monroe, and the home to Alexander Graham Bell and Robert E. Lee. Today, Northern Neck boasts tourist attractions, such as Colonial Beach, Westmoreland State Park, and Dahlgren U.S. Naval Base.
“We are honored to be allowed to join the Coca-Cola family,” said Gregory J. Purcell, Arbor’s Managing Partner, “We are looking forward to building a long and lasting relationship with the Coca-Cola Company as well as having the opportunity to market the number one soft drink brand in the world.”
Chicago, Illinois-based Arbor Private Investment Company is one of the only private equity firms in North America that concentrates exclusively on the food and beverage industries. Arbor has a successful track record of investing in leading suppliers and distributors to some of the world’s most recognized consumer brands.
Mr. Porter is a 16 year NBA veteran and two-time All Star who is currently playing with the San Antonio Spurs. Mr. Porter is a past recipient of the NBA’s J. Walter Kennedy Citizenship Award selected annually by the Professional Basketball Writers Association for outstanding community service. Mr. Porter is also an inductee in the Boys and Girls Clubs of America Hall of Fame, an organization that has deep ties to the Coca-Cola Company and its bottling partners.
Mr. Adams is a 33 year veteran of the Coca-Cola bottling system. His career includes working with the United Bottling Group for a decade and 23 years with the Coca-Cola Company working directly with bottlers on all phases of their businesses.
“We are delighted about partnering with individuals the caliber of Terry and John”, said Joseph P. Campolo, Arbor Partner. “Terry has been a pillar of the community in each city he has played, and John brings a wealth of industry knowledge and experience.”
For more information, please contact Gregory J. Purcell (312-577-8380) or Joseph P. Campolo (312-577-8381).