Hardware wholesaler True Value is considering a potential sale of the company.
CEO Chris Kempa provided the status update of the Chicago-based hardware wholesaler in an Oct. 4 letter to vendor partners.
“With full support of our board of directors, we hired an investment banker to identify and vet the best options for our associates, retailers and vendor partners,” Kempa said in the Oct. 4 letter.
In 2018, a private investment firm Acon Investments bought 70% of True Value, while its retailer member-owners retained 30%. It is unclear how a potential sale would impact members’ ownership stake.
“We are in the final stages of deciding the path forward,” Kempa added. “Our team is working tirelessly to minimize disruption, act in your best interest and move us forward.”
The 2018 sale to Acon faced some resistance from its member-owners, but was ultimately approved by a significant majority.
True Value caters exclusively to independent retailers and has over 4,500 independently-owned and operated retail member-owners internationally.
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