Is True Value on the block?
A Bloomberg report on Monday had the industry talking, raising the prospect of a sale for True Value Company. According to sources who spoke to Bloomberg and asked not to be identified, the co-op is currently in talks with an investment bank and is, for better lack of terms, exploring its options. And it may be considering a sale that would value the company at $800 million.
The sources also said that private equity firms are likely to get involved, but that there's no final decision yet.
True Value responded to a request for comment this morning with the following statement:
"We were not contacted for comment by Bloomberg but what I can tell you is there is no company out there that is more focused on the independent hardware retailer," said VP communications Jean Niemi. "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."