True Value
American wholesaler From Wikipedia, the free encyclopedia
The True Value Company is an American wholesaler and Hardware store brand.[5] The corporate headquarters are located in Chicago.[6]
 | |
| True Value | |
| Company type | Subsidiary |
| Industry | Hardware stores |
| Founded | Chicago, Illinois, U.S. (1948, as Cotter & Company) |
| Founder | John Cotter |
| Headquarters | , |
Number of locations | 4,500+ (60 countries)[1] |
Key people | Dan Starr (CEO)[2] |
| Products |
|
| Revenue | US$1.488 billion (2017)[3] |
| US$ 40.16 million (2017) | |
| US$ 24.75 million (2017) | |
| Total assets | US$ 912.88 million (2017) |
| Total equity | US$ 160.4 million (2017) |
| Owner | Do It Best |
Number of employees | 2,500 (2019)[4] |
| Website | truevalue |
Historically True Value was a cooperative owned by retailers,[7] but in 2018 it was purchased by ACON Investments.[8] In October 2024, True Value filed for bankruptcy and competitor Do It Best agreed to purchase the company.[5] The purchase was completed in November 2024.[9] The independent retailers True Value supplied, branded as "True Value", are not part of the bankruptcy and will continue operating.[5]
History
Summarize
Perspective
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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.
Cotter & Company was established in 1948 by John Cotter with 12 original member stores. The cooperative grew in membership and, in 1962, Cotter & Company purchased the assets of Hibbard Spencer Bartlett & Company (formerly led by Adolphus C. Bartlett) for US$2.5 million, acquiring the True Value trademark for $2500 as part of the acquisition. ServiStar Hardware (formerly American Hardware Supply) had previously purchased Coast to Coast Hardware and had renamed itself to Servistar & Coast to Coast Hardware. Their hardware stores were operating under either ServiStar or Coast to Coast retail identities. In 1997, they merged with Cotter & Company to form TruServ Corporation.[10]
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.[11] Eventually, in 2018, international private equity investment firm, ACON, purchased True Value.[8]
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.[12]
On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply.[13]
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.[14] The purchase was completed in November 2024.
General Paint & Manufacturing
True Value owns General Paint & Manufacturing (GPM), a paint manufacturing plant, and supplies paint to other companies. The facility manufactures latex paints, oil-based paints, stains and aerosols exceeding 7,300,000 gallons annually. GPM also manufactures a complete line of jansan/cleaning chemicals.[15]
House brands
True Value's house brands, including Green Thumb, Master Electrician, Master Plumber, Lawn Chief and Master Mechanic, are manufactured by many different suppliers to company specifications.
Notes
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