Transaction creates the world's largest network of independent home improvement stores

FORT WAYNE, Ind., Nov. 22, 2024 (GLOBE NEWSWIRE) -- Do it Best announces the successful acquisition of True Value, a long-time competitor with a legacy brand that benefits both organizations. This monumental transaction represents a transformative milestone for Do it Best, True Value, and the entire independent hardware industry.

The acquisition brings significant assets to Do it Best, including inventory, brand rights, and paint manufacturing facilities. By acquiring these key resources, Do it Best is poised for substantial growth and increased capability to support independent retailers and bring operational stability to current True Value retailers, along with investment in the iconic brand.

Reflecting on the accelerated journey that began on October 14, Do it Best CEO Dan Starr acknowledged the hard work and dedication required to complete the acquisition. 

"This has been a challenging process,” said Starr. "However, the shared commitment from our team and the True Value team has made today possible. We are now proud to be the world's largest cooperative in our space, and that positions us to make a real difference for all our store owners.”

Starr confirmed that True Value will operate as a separate subsidiary, allowing Do it Best to maintain high-quality service while carefully integrating True Value's operations. He emphasized this approach ensures a smooth transition and continued reliability for both Do it Best members and the newly welcomed True Value retailers.

"We're excited to welcome True Value retailers and associates into the Do it Best family,” Starr added. "Our commitment to championing the independent retailer is at the heart of everything we do, and I know our True Value team joins us in this mission. This acquisition is about ensuring our collective success, now and in the future.”

To support this transformation, Do it Best has established a new leadership team dedicated to stabilizing and growing the True Value business while maintaining a focus on Do it Best member growth. Starr appointed Nick Talarico as President of Do it Best and Dent Johnson as President of True Value. Johnson's True Value leadership team includes:

• Bill Habegger, Vice President of Information Technology
• Justin Hanford, Vice President of Merchandising
• Eric Lane, Senior Vice President of Marketing
• Tim Miller, Senior Vice President of Logistics & Distribution
• Chris Okapal, Vice President of Sales & Business Development
• Steve Rose, Vice President of Distribution
• Matt Saines, Vice President of Finance
• Rob Schmiedel, Vice President of Operations & Sales Enablement
• Ken Sorg, Vice President of Supply Chain
• Celeste Stevens, Vice President of Human Resources
• John Vanderpool, Senior Vice President of Manufacturing
• Jenna Grannan, Director of Marketing
• Randy Rusk, Director of Communications

The acquisition is expected to be transformational for Do it Best, with a long-term vision that goes beyond growth for its own sake. By leveraging new efficiencies, deepening vendor relationships, and integrating key assets, Do it Best aims to position the expanded cooperative for long-term success.

"This is a generational opportunity that will shape the future of our cooperative and our industry,” said Starr. "We're focused on taking our time to get it right. We ask for patience as we integrate True Value and help everyone grow and achieve their dreams.”

For additional updates and information, Do it Best will continue sharing developments with its store owners and vendors, ensuring transparency and clear communication as the stabilization and integration process moves forward.

Attachments

• Do it Best President and CEO Dan Starr

• Do it Best Champions Independent Home Improvement Stores

CONTACT: Kate Virag

Ferguson Agency

260-414-2431

kate@fai2.com