Report: Hardware store retailer considering sale
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."
Cabela’s, Bass Pro deal inches closer to completion
Bass Pro Shops's acquisition on rival Cabela's has passed another hurdle.
Cabela's shareholders voted to approve the sale of the hunting and outdoor retailer to Bass Pro, the company announced Tuesday. Cabela's agreed in April to be bought by Bass Pro Shops for $61.50 a share, down from the original purchase price of $65.50 a share, valuing the acquisition at $4.2 billion. The transaction is expected to close in the third quarter of 2017.
"We are pleased that our combination with Bass Pro Shops has received the overwhelming support of Cabela’s shareholders,” said Tommy Millner, CEO, Cabela’s. “Today’s results are an important milestone as we look forward to completing the merger and creating the premier retailer in outdoor sporting goods, with an unparalleled commitment to customer loyalty and satisfaction.”
Last week, the Federal Trade Commission approved the sale. However, the completion of the deal is still contingent on the sale of Cabela's financial arm, World's Foremost Bank. Cabela's plans to sell the bank's assets to Synovus Financial, which plans to keep the deposits and sell the credit card assets to Capital One.
Dunkin’ Brands veteran to head up marketing at sporting goods giant
Dick's Sporting Goods has tapped a digital expert as its top marketer.
Dick's on Tuesday named Scott Hudler as senior VP – chief marketing officer, responsible for the company's overall marketing and consumer engagement strategy and implementation. He succeeds Lauren Hobart, who was promoted to president of Dick's in May.
Hudler joins Dick's from an 11-year career with Dunkin' Brands, where he most recently served as senior VP, chief digital officer, responsible for the brand's digital strategy and product roadmap, including mobile, loyalty and all consumer-facing technology. Previously, he was VP, global consumer engagement, responsible for advertising, media, promotions and e-commerce functions for Dunkin's 12,000 locations globally.
"Scott will play a pivotal role in driving our continued digital transformation across all consumer touch points and optimizing all of our marketing channels," said Hobart. "His experience will make an immediate impact on our team, and we are thrilled to welcome him to the Dick's family."
As of April 29, 2017, Dick's operated more than 690 namesake stores across the United States. The company also owns and operates Golf Galaxy and Field & Stream specialty stores.