Retired bank executive Mike McFarland and Rick Barrows, president of Springdale company Multi-Craft Contractors Inc., are the new owners of Modern Fence and Supply Co., just east of Old Missouri Road in the Springdale Industrial Park.
The 1.88-acre site where the company is located sold for $500,000. McFarland, who retired from Arvest Bank in Springdale on March 31, declined to say how much he and Barrows paid for the actual business.
Legacy National Bank of Springdale provided financing with a five-year mortgage of $1.24 million.
The Milligan family had owned the business since its founding in 1950.
Modern Fence has about 25 employees, and McFarland said nothing will change with the business’s personnel or day-to-day operations.
The company had sales of approximately $3.5 million in... [ MORE ]