Do it Best, Fort Wayne, Ind., member-owned co-op for hardware and lumber products, has announced its bid to acquire True Value, a Chicago-based hardlines wholesaler that filed for Chapter 11 bankruptcy under private equity ownership.
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The proposed acquisition, supported unanimously by the Do it Best Board of Directors, would create a worldwide store network of more than 8,000 locations in the U.S. and more than 50 countries around the world.
The acquisition would present an opportunity for Do it Best to build upon True Value’s brand, allowing current stores to maintain their independence while gaining access to Do it Best’s programs, buying power and support network.
If Do it Best is the winning bidder, the transaction is expected to close by the end of the year, pending regulatory and court approval. True Value will continue to operate under Chapter 11 protection with Do it Best providing a stalking horse bid. Under the agreement, Do it Best will purchase many of the True Value assets and business operations.
Do it Best has annual sales of $5 billion.
