True Value

History

True Value Company was originally composed of four hardware cooperatives and a hardware wholesaler: American Hardware & Supply (ServiStar), Coast to Coast Corporation, Cotter & Company (True Value), and Hibbard Spencer Bartlett & Company.

During a 1999 audit, accounting irregularities of about $100 million were discovered originating from pre-merger Cotter & Company, leading to a $131 million loss that year causing the value of TruServ stock to plummet. During this period (1999–2001), a number of hardware stores chose to leave TruServ to join competing hardware cooperatives including Ace Hardware and Do It Best. TruServ Corporation brought in new management, eliminated the ServiStar and Coast to Coast brand names, and streamlined operations by closing many of the regional distribution centers. In 2006, TruServ Corporation was renamed True Value Company.

In July 2017, True Value was offered for sale, and competitor Ace Hardware expressed interest in purchasing it. Eventually, in 2018, international private equity investment firm, ACON, purchased True Value.

In 2019, True Value announced a new 1.4 million square foot facility, set to open that fall in Hanover Township, Pennsylvania, intended to service approximately 1,000 stores. Along with the new distribution center True Value also adopted the "hub-and-spoke" model.

On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply.

On October 14, 2024, True Value filed for Chapter 11 bankruptcy protection as it continued to face liquidity challenges caused by inflation and rising interest rates. The company agreed to sell itself to competitor Do It Best for $153 million. The purchase was completed in November 2024.

House brands ==

True Value's house brands, including Green Thumb (gardening), Master Electrician (electrical supplies), Master Plumber (plumbing supplies), HomePointe (cleaning supplies and bath fixtures), Master Painter (painting supplies), Tru Guard (electrical safety goods and lock sets), Pet Expert (collars and pet kennels), Holiday Wonderland (holiday decor) and Master Mechanic (tools), are manufactured by many different suppliers to company specifications.

Early tool offerings were branded Tru-Test which eventually was used exclusively for paint until that name was supplanted by EasyCare. EasyCare (and previously, Tru Test) paints are manufactured at True Value's General Paint & Manufacturing (GPM) factory in Cary, Illinois. This facility manufactures latex paints, oil-based paints, stains and aerosols exceeding 7,300,000 gallons annually for multiple retailers in addition to True Value.

From the late 1960s until the late 1990s, True Value also sold a line of lawnmowers, tillers and similar power equipment under the Lawn Chief brand.

Notes

References

1. "Meet The Team – True Value Company".
2. "2017 Annual Financial Report".
3. "True Value".
4. "True Value Company > Home".
5. (14 October 2024). "True Value declares bankruptcy and sells itself to a hardware rival". CNN.
6. (14 October 2024). "Do it Best makes bid to obtain Chicago-based True Value". FOX 55 Fort Wayne.
7. Unglesbee, Ben. "True Value announces buyout deal with private equity firm".
8. Dorbian, Iris. (March 16, 2018). "ACON Investments to invest in hardware retailer True Value".
9. (22 November 2024). "Do it Best Finalizes True Value Acquisition, Creating Largest Network of Independent Home Improvement Stores".
10. staff. (1996-12-11). "TRUE VALUE PARENT, SERVISTAR TO MERGE".
11. (13 July 2017). "Ace Hardware interested in buying competitor True Value - UPI.com". UPI.
12. Smith, Jennifer. (July 16, 2019). "True Value Retools Hardware Supply Chain". Wall Street Journal.
13. (1 November 2022). "True Value buys Agway brand to expand in farm products". Chicago Business Journal.
14. Casiraghi, Luca. (October 14, 2024). "Wholesaler True Value in Bankruptcy to Sell Itself to Rival".
15. "GPM – Expertly Crafted. Within Reach.".