According to a Bloomberg report Monday, True Value Co. is “considering a sale that could value the home-improvement store chain at about $800 million.”
People who asked not to be identified as they weren’t authorized to speak publicly say the company is working with an investment bank to examine strategic options, including a sale, according to the Bloomberg report.
“The process is expected to attract private equity firms,” according to the report. However, no final decision has been made, and the company may not pursue a sale.
Hardware Retailing spoke to True Value to learn more about the claims reported in Bloomberg.
“There is no company out there that is more focused on the independent hardware retailer,” Jean Niemi, vice president of communications for the co-op, says. “True Value remains committed to our long-term strategic plan and, as part of that, we are continuously assessing and evaluating many opportunities in an effort to create maximum value for all of our retailers.”
True Value is a co-op made up of about 4,400 independently owned and operated hardware stores around the world. In its annual report, the company reported gross billings of $2,073.7 million, and revenue was up 1.1 percent year over year to $1,514.1 million.