True Value

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True Value Company, L.L.C.
True Value
Company type
Subsidiary
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Headquarters
Chicago, Illinois
,
U.S.
Number of locations
4,500+ (60 countries)[1]
Key people
Dan Starr (CEO)[2]
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Total equityDecrease US$ 160.4 million (2017)
OwnerDo It Best
Number of employees
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Websitetruevalue.com

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The True Value Company is an American wholesaler and hardware store brand. The corporate headquarters are located in Chicago.

Historically, True Value was a cooperative owned by retailers until 2018, when it was purchased by ACON Investments. In October 2024, True Value filed for bankruptcy and competitor Do It Best agreed to purchase the company.

History

File:True Value Wethersfield, CT (27397618703).jpg
A True Value outlet in Wethersfield, Connecticut

Origins

True Value Company traces its history back to four entities: Hibbard Spencer Bartlett & Company (formed in 1855); American Hardware & Supply (formed in 1910); Coast to Coast Corporation (formed in 1928); Cotter & Company (formed in 1948).[5]

Hibbard introduced the True Value name in 1932 for a line of hand tools. In 1940, the company began opening several test stores under the name. In 1953, the True Value program was introduced. By 1957, Hibbard had closed its small accounts and concentrated solely on its True Value program. During this time, the company began buying up smaller wholesalers. By 1960, it had nearly 1,000 dealers from Denver to Appalachia, with distribution centers in Evanston, St. Louis, Auburn, and Detroit.[6]

However, by 1962, the company had transitioned away from the hardware business in order to focus exclusively on real estate. Cotter & Company, a cooperative formed in 1948, acquired the company's assets for Template:US$, paying $2,500 for the True Value trademark.[5] Cotter retained 400 of Hibbard's 900 True Value dealers and Cotter's own Value & Service branding was slowly phased out.[6]

From there, Cotter also acquired the Dallas-based Walter H. Allen Co. in 1964, Tyron-Suppl-Biddle in Philadelphia in 1965, Los Angeles-based Great Western Hardware in 1968, Northern Hardware of the Pacific Northwest in 1970, and Van Camp Hardware of Indianapolis in 1976. These moves gave the company 3,687 True Value members in all 50 states. Cotter also introduced its V & S Variety concept during this time. By 1986, it also had 14 distribution centers around the country.[6]

In 1977, American Hardware introduced its ServiStar advertising program. By 1983, it had 2,100 owner-dealers in the program, which accounted for 70% of sales. In recognition of its increased importance, American became the ServiStar Corporation in 1988. In 1990, the company introduced its Home & Garden Showplace concept. That July, it acquired Coast to Coast for $25 million and merged the two companies to form a $1.8 billion international co-op.[5][7]

In 1993, ServiStar Coast to Coast acquired 288 units of Taylor Rental Corp. Together with its 260 Grant Rental Station stores, it became the largest general rental chain in the US.[5] Cotter established True Value International in 1994, which served stores outside the United States.[7]

File:A worker enters a lumberyard in New Dorp, Staten Island.JPG
A worker enters a True Value lumberyard in New Dorp, Staten Island, New York City, New York. The lumberyard shut down in 2009.

TruServ Corporation

In 1997, Cotter & Company and ServiStar Coast to Coast Corporation merged to form TruServ Corporation. The new Chicago-based company had $4.5 billion in sales and 10,500 stores, making it the largest wholesaler in the industry, surpassing rival Ace Hardware.[7][8][9] The new company continued to do business under the True Value, ServiStar, Coast to Coast, Grand Rental Station, Taylor Rental, Home & Garden Showplace, and Induserve Supply names.[5]

The new co-op struggled as it attempted to manage multiple brands, inventory, and operations. In 2000, accounting irregularities of about $100 million were discovered, leading to a $131 million loss for the fiscal year of 1999. This caused the value of TruServ's stock to plummet, a pause in dividend payments, and a freeze on stock sales.[10] Additional problems were found, forcing TruServe to restate its financials from 1997 to 1999.[11] By 2001, the company had defaulted on $200 million in revolving debt, 2,100 members had left the cooperative, and several had filed lawsuits against the company.[12][13][14] In 2002, the company was investigated by the SEC.[15] TruServ Corporation brought in new management, revamped the board of directors, eliminated the ServiStar and Coast to Coast brand names, negotiated a new line of credit, and streamlined operations by closing many of the regional distribution centers.[16][17][18]

TruServ Canada separated from the US-based cooperative in 2001. In 2002, TruServ sold seven distribution centers to third parties and agreed to lease them back for 20 years.[7]

True Value Company

In 2005, the company was renamed True Value Company.[19] The Taylor Rental, Grand Rental Station, Home & Garden Showplace, and Induserve Supply names were retained. At this point, it was ranked behind Ace Hardware and Do It Best in terms of sales.[20] By 2006, it had 6,000 stores.[21]

In July 2017, it was reported that True Value was looking for a buyer. At the time, competitor Ace Hardware expressed interest in purchasing it.[22][23] In March 2018, ACON Investments, a private equity firm, purchased a controlling 70% of True Value.[24][25] In April, a majority of the co-op's shareholders voted to approve the deal. As a result, it would no longer operate as a cooperative moving forward.[26]

In 2019, True Value opened a new 1.4 million square foot facility in Wilkes-Barre, Pennsylvania to service approximately 1,000 stores. Along with the new distribution center True Value also adopted the "hub-and-spoke" model.[27][28]

On November 1, 2022, True Value acquired the Agway Trademark from Agway Farm & Home Supply.[29] At the time, nearly 600 stores used the Agway name.[30] By 2023, True Value had 13 regional distribution centers, with about 2,500 associates serving more than 4,500 stores in 60 countries.[31]

In July 2024, True Value announced the closure of its Manchester, New Hampshire regional distribution center by the end of the year. The distribution center in Denver would also stop servicing retailers in November.[32]

Sale Do It Best

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 ultimately agreed to sell itself to competitor Do It Best for $153 million, returning True Value to a cooperative structure.[33] The purchase was completed in November 2024.[34][35]

Private brands

True Value offers a number of private brands that are sold exclusively at its member stores. These include 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), Master Mechanic (tools), TVX (budget).[36]

The company introduced the Tru-Test paint brand in 1963. It was later supplanted by EasyCare, which is manufactured at True Value's General Paint & Manufacturing (GPM) factory in Cary, Illinois.[6][31] 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.[37]

In 1971, the company began manufacturing its own lawn mowers out of a factory in Illinois. The line was renamed Lawn Chief in 1975. The operation also began producing wheelbarrows, snow shovels, and electric heaters. When Atlas Tool Company was purchased in 1983, tillers and snow throwers were added to the line.[6]

In 1983, True Value introduced its Green Thumb lawn care line.[31]

In March 2022, the company acquired Yenkin-Majestic's Majic line of consumer paints.[38] In March 2023, it also acquired the Shur-Line brand of painting supplies and WordLock line of security products.[39][40]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."True Value Company > Home". Truevaluecompany.com. Retrieved April 9, 2020.
  2. ^ Page Module:Citation/CS1/styles.css has no content.staff. "Meet The Team – True Value Company". truevaluecompany.com. Retrieved December 2, 2024.
  3. ^ Page Module:Citation/CS1/styles.css has no content."2017 Annual Financial Report" (PDF). Truevaluecompany.com. March 2, 2018.
  4. ^ Page Module:Citation/CS1/styles.css has no content."True Value". Forbes.
  5. ^ a b c d e Page Module:Citation/CS1/styles.css has no content.International Directory of Company Histories Vol 24. Detroit: St. James Press. 1999. pp. 504–507. ISBN 978-1-55862-365-1 – via Internet Archive.{{cite book}}: CS1 maint: date and year (link)
  6. ^ a b c d e Page Module:Citation/CS1/styles.css has no content.Kantowicz, Edward R. (1986). True Value : John Cotter 70 years of hardware. Chicago: Regnery Books. pp. 144–172, 217–227. ISBN 978-0-89526-580-7 – via Internet Archive.
  7. ^ a b c d Page Module:Citation/CS1/styles.css has no content.Jensen, Chris (March 21, 2018). "True Value Company Makes Deal to Sell Majority Interest to ACON Investments". The Hardware Connection. Retrieved May 29, 2026.
  8. ^ Page Module:Citation/CS1/styles.css has no content.staff (December 11, 1996). "TRUE VALUE PARENT, SERVISTAR TO MERGE". Chicago Tribune. Retrieved March 14, 2024.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Feder, Barnaby J. (June 11, 1997). "Independents Have a Weapon Against the 'Big Boxes'". The New York Times. ISSN 0362-4331. Retrieved May 29, 2026.
  10. ^ Page Module:Citation/CS1/styles.css has no content."HARDWARE CO-OP'S HARD TIMES". Chicago Tribune. March 24, 2000. Retrieved May 29, 2026.
  11. ^ Page Module:Citation/CS1/styles.css has no content."More TruServ trouble". Chicago Tribune. July 6, 2001. Retrieved May 29, 2026.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Ill-Serv'd". Forbes. May 28, 2001. Retrieved May 29, 2026.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Chandler, Susan (December 2, 2000). "TRUSERV VALUES SILENCE IN ACCOUNTING ERRORS CASE". Chicago Tribune. Retrieved May 29, 2026.
  14. ^ Page Module:Citation/CS1/styles.css has no content."TruServ's struggle tests store members". Chicago Tribune. August 12, 2001. Retrieved May 29, 2026.
  15. ^ Page Module:Citation/CS1/styles.css has no content."TruServ executives unable to certify past results: SEC". Chicago Tribune. August 21, 2002. Retrieved May 29, 2026.
  16. ^ Page Module:Citation/CS1/styles.css has no content."TRUSERV CORP.: Board of directors plans to restructure". Chicago Tribune. February 15, 2002. Retrieved May 29, 2026.
  17. ^ Page Module:Citation/CS1/styles.css has no content.Napolitano, Jo (September 1, 2002). "Private Sector; No, She Doesn't Breathe Fire". The New York Times. ISSN 0362-4331. Retrieved May 29, 2026.
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  19. ^ Page Module:Citation/CS1/styles.css has no content.Jones, Sandra (October 8, 2004). "TruServ name change reflects roots". Crain's Chicago Business. Retrieved May 29, 2026.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Hardware Franchises Provide A Strong Foundation For Franchisees". www.franchising.com. July 3, 2007. Retrieved May 31, 2026.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Truer value". HeraldNet.com. March 23, 2006. Retrieved May 29, 2026.
  22. ^ Page Module:Citation/CS1/styles.css has no content.Porter, Kiel (July 10, 2017). "True Value Weighs Sale, Could Fetch About $800 Million". Bloomberg. Retrieved May 28, 2026.
  23. ^ Page Module:Citation/CS1/styles.css has no content.DuVall, Eric (July 13, 2017). "Ace Hardware interested in buying competitor True Value - UPI.com". UPI. Retrieved October 17, 2024.
  24. ^ Page Module:Citation/CS1/styles.css has no content.Dorbian, Iris (March 16, 2018). "ACON Investments to invest in hardware retailer True Value". Pehub.com. Retrieved August 11, 2019.
  25. ^ Page Module:Citation/CS1/styles.css has no content."Acon Investments to Take Majority Stake in True Value". Wall Street Journal. March 15, 2018. ISSN 0099-9660. Retrieved May 29, 2026.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Zumbach, Lauren (April 20, 2018). "True Value owners approve selling majority stake in hardware co-op to private equity firm". Chicago Tribune. Retrieved May 29, 2026.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Smith, Jennifer (July 16, 2019). "True Value Retools Hardware Supply Chain". Wall Street Journal. Retrieved August 11, 2019.
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  37. ^ Page Module:Citation/CS1/styles.css has no content."GPM – Expertly Crafted. Within Reach". Privatelabelpaint.net. Archived from the original on October 21, 2020. Retrieved August 11, 2019.
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