FORT WAYNE, Ind. – Do it Best announced its bid Monday to acquire True Value, a Chicago-based hardlines wholesaler that recently filed for Chapter 11 bankruptcy.
If the deal goes through, it would create a worldwide store network exceeding 8,000 locations in the U.S. and more than 50 countries around the world.
“A successful acquisition of True Value assets would represent a strategic milestone for Do it Best and home improvement retailers around the world,” said Dan Starr, Do it Best President and CEO. “This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come.”
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.
