Do it Best Completes True Value Acquisition
Deal News | Nov 22, 2024 | EIN
The Fort Wayne, Indiana-based Do it Best has successfully completed the acquisition of True Value, a wholesaler and hardgoods store brand that declared bankruptcy in mid-October. This acquisition includes inventory, brand rights, and paint manufacturing facilities of True Value, which will operate as a separate subsidiary of Do it Best. The acquisition effectively doubles Do it Best's membership, making it the largest cooperative in its sector, with an expanded team of leaders announced to manage operations and integration. The acquisition process was initiated by True Value's announcement of pursuing a sale in October, followed by Chapter 11 proceedings to facilitate the transaction.
Sectors
- Hardware Retail Industry
- Retail and Consumer Industry
Geography
- United States – Primary location of operations for both Do it Best and True Value, two major players in the U.S. hardware retail industry.
Industry
- Hardware Retail Industry – Involves businesses primarily engaged in selling hardware, lumber, and building materials, relevant to Do it Best and True Value.
- Retail and Consumer Industry – Encompasses businesses selling goods and services directly to consumers, pertinent to the operations of Do it Best and True Value.
Financials
- Not disclosed – The financial terms of the acquisition were not disclosed in the announcement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Do it Best | Bidding Company/Buyer | Company | A Fort Wayne, IN-based cooperative specializing in hardware, lumber, and building materials, acquiring True Value. |
| True Value | Target Company | Company | A wholesaler and hardgoods store brand involved in the acquisition by Do it Best, previously declared bankruptcy. |
| Dan Starr | CEO | People | CEO of Do it Best, overseeing the acquisition of True Value. |
| Nick Talarico | President of Do it Best | People | Appointed President of Do it Best to oversee operations post-acquisition. |
| Dent Johson | President of True Value | People | Appointed President of True Value post-acquisition, plays a role in its continued operations. |