Do It Best Makes Bid For True Value
Do it Best, the nation’s largest member-owned co-op for hardware and lumber products, announces its bid to acquire substantially all assets from True Value, a Chicago-based hardlines wholesalers that filed for Chapter 11 bankruptcy under private equity ownership.
Do it Best, the nation’s largest member-owned co-op for hardware and lumber products, announces its bid to acquire substantially all assets from True Value, a Chicago-based hardlines wholesalers that filed for Chapter 11 bankruptcy under private equity ownership.
The proposed acquisition would create a worldwide store network exceeding 8,000 locations in the U.S. and more than 50 countries around the world, according to the company.
“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,” the company said in a statement. “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. To the extent True Value requires additional financing during the bankruptcy process, Do it Best has committed to provide incremental capital to True Value in an effort to help ensure independent True Value retailers’ the ability to continue serving their customers throughout the process.”
