True Value Considers Sale
(July 17, 2017) True Value Co., Chicago, Il., is reportedly mulling a sale of the near-4,400-member co-op, according to Bloomberg News.
The 69-year-old firm has hired an investment bank to analyze strategic options, including a straight sale, merger, auction or standing pat. Possible suitors include private equity firms and chief rivals Ace Hardware and Do it Best Corp.
Ace, based in nearby Oak Brook, has expressed interest, but said that thusfar it has not been contacted by True Value.
Do it Best also signaled its interest, noting its own proximity to Chicago, its past success with largescale mergers, and its similar company histories and independent-minded philosophies. “Over the last few months, we have welcomed an increasing number of former True Value members into the Do it Best family and we look forward to welcoming many more,” said Do it Best president/CEO Dan Starr.