 |
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.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
