Brainerd, MN (KROC AM News) - The Mills Fleet Farm company is no longer under the control of the founder's family.

The company was formally taken over Monday by the KKR investment firm. The purchase agreement was announced in early January. No financial terms were disclosed.

The retail company was founded in 1955 and has grown to 35 stores, including one in Rochester. Besides Minnesota, stores are also located in Iowa, North Dakota and Wisconsin.

Duncan Mac Naughton-photo from KKR

Former Walmart executive Duncan Mac Naughton has been appointed CEO of the company.

For 24/7 news and sports check KROC AM and follow KROC-AM on Facebook