Do it Best CEO Responds to True Value Sale Reports
FORT WAYNE, Ind. – Dan Starr, the President and CEO of the nation’s second largest home improvement co-op, responds to inquiries about the potential sale of competitor True Value:
“There has been considerable coverage in the press about reports that True Value may soon be sold. This news is also generating considerable speculation in the home improvement industry about the future of its thousands of independent store locations and when a sale might occur.
There’s certainly no shortage of opinions about who may line up as a potential buyer and what this could mean for that co-op’s longevity. But I can tell you with confidence what it means for the future of Do it Best Corp. and our member-owners. As the nation’s only full-service co-op distributor of hardware and lumber products, we remain steadfast in our commitment to the independent home improvement channel. And we’re enthusiastic about the many growth opportunities ahead for our store owners.
Our strategic plan focuses on driving growth from multiple fronts. While our top priority is generating sustained growth among our current member base, we’re also focused on expanding our business by adding new members from other co-ops, like True Value and Ace, and through acquisition of competitors. We have a highly effective and successful record with all of these initiatives.
We are certainly considering the opportunities potentially available with our competitor. Our world headquarters is located very near their Chicago base. Both companies share a long and storied history of committed service to small business owners all across America and around the world. Our financial strength provides the backing for potential acquisitions and our business models are closely aligned. Most importantly, Do it Best Corp. has a demonstrated history of successfully processing a merger with another smaller home improvement co-op. In 1998, we acquired Our Own Hardware and welcomed their more than 700 store locations into our family.
As for the conjecture with True Value and the future of their member stores, Do it Best Corp. is committed to serving the needs of independent home improvement businesses and stands ready to demonstrate why we are the best partner for anyone interested in growing their business. Over the last few months, we have welcomed an increasing number of former True Value members into the Do it Best family and we look forward to welcoming many more.”
Source: Do it Best Corp.