True Value
| File:True Value logo.svg | |
| True Value | |
| Company type | Subsidiary |
| Industry | Hardware stores |
| Founded | Chicago, Illinois, U.S. (1948, as Cotter & Company) |
| Founder | John Cotter |
| Headquarters | , |
Number of locations | 4,500+ (60 countries) |
Key people | Dan Starr (CEO) |
| Products |
|
| Revenue | Decrease Template:US$ (2017) |
| Increase US$ 40.16 million (2017) | |
| Increase US$ 24.75 million (2017) | |
| Total assets | Decrease US$ 912.88 million (2017) |
| Total equity | Decrease US$ 160.4 million (2017) |
| Owner | Do It Best |
Number of employees | 2,500 (2019) |
| Website | truevalue |
The True Value Company is a U.S.-based wholesaler and hardware retail brand with its headquarters located in Chicago.[1]
Initially established as a retailer-owned cooperative,[2] True Value was acquired by the private equity firm ACON Investments in 2018.[3] In October 2024, amid bankruptcy proceedings, the company was purchased by its rival Do It Best.[4] The transaction was finalized in November 2024,[5] resulting in the formation of the largest independent home improvement retailer network. Stores operating under the "True Value" brand continue to function autonomously.[4]
History
The origins of True Value Company trace back to the consolidation of four hardware cooperatives and a wholesaler: American Hardware & Supply (known as ServiStar), Coast to Coast Corporation, Cotter & Company (which operated as True Value), and Hibbard Spencer Bartlett & Company.
Founded in 1948 by John Cotter with an initial membership of 12 stores, Cotter & Company expanded its operations and, in 1962, acquired Hibbard Spencer Bartlett & Company for $2.5 million, securing the True Value trademark for $2,500. ServiStar Hardware (formerly American Hardware Supply) had previously merged with Coast to Coast Hardware, maintaining both brand names. In 1997, these organizations combined with Cotter & Company to establish TruServ Corporation.
An audit conducted in 1999 uncovered $100 million worth of accounting discrepancies originating from pre-merger Cotter & Company activities, which resulted in a $131 million loss and a significant drop in TruServ’s stock price. This financial turmoil prompted some retailers to defect to competitors such as Ace Hardware and Do It Best. In response, TruServ implemented new leadership, phased out the ServiStar and Coast to Coast brands, and optimized operations by shutting down regional distribution centers. The company rebranded itself as True Value Company in 2006.
True Value was placed on the market in July 2017; Ace Hardware expressed interest in acquiring it. Nonetheless, the international private equity firm ACON completed the purchase in 2018.
By 2019, True Value had invested in constructing a new distribution center spanning 1.4 million square feet in Hanover Township, Pennsylvania, intended to serve around 1,000 retail locations. This facility supports their "hub-and-spoke" logistics strategy aimed at improving supply chain performance.
On November 1, 2022, True Value broadened its product range by acquiring the Agway trademark from Agway Farm & Home Supply.
Confronted with financial strain caused by inflation and increasing interest rates, True Value filed for Chapter 11 bankruptcy protection on October 14, 2024. Subsequently, the company agreed to be acquired by competitor Do It Best for $153 million. The acquisition was concluded in November 2024.
House brands
True Value offers a range of proprietary brands, including Green Thumb for gardening supplies, Master Electrician covering electrical products, Master Plumber for plumbing items, HomePointe which features cleaning and bathroom fixtures, Master Painter focusing on painting materials, Tru Guard specializing in electrical safety devices and locks, Pet Expert providing pet collars and kennels, Holiday Wonderland dedicated to seasonal decorations, and Master Mechanic for tools. These product lines are produced by different manufacturers according to True Value’s detailed requirements.
Initially, tool-related merchandise carried the Tru-Test label, which later became exclusive to paint products before being succeeded by the EasyCare brand. The EasyCare paint range is manufactured at True Value’s General Paint & Manufacturing (GPM) plant located in Cary, Illinois. This facility produces in excess of 7.3 million gallons annually of both latex and oil-based paints, stains, and aerosol products not only for True Value but also for various other retailers.
Between the late 1960s and the late 1990s, True Value also sold lawnmowers, tillers, and power equipment under the brand name Lawn Chief.
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