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Kekst CNC handles True Value Company as the hardware wholesaler declares Chapter 11 and agrees to sell its operations to home improvement company competitor, Do it Best Corp.
The transaction does not impact True Value’s network of 4,500 independently owed retailers.
Chris Kempa, True Value CEO, said after completing a strategic review, the company determined bankruptcy and an asset sale was the best way to maximize value and to best serve its retail partners and other stakeholders into the future.
Do it Best “has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, associates, customers and vendor partners,” he said.
Dan Starr, CEO of Do it Best, said the acquisition of True Value's assets marks a strategic milestone for his company and home improvement retailers around the world.
Chicago-based True Value, which has been in business for more than 75 years, expects to wrap up the Do it Best deal by the end of the year.
Kekst CNC has Sherri Toub and Wendi Kopsick representing True Value.
Publicis Groupe owns Kekst CNC.
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