Reports that True Value is exploring a sale prompted Do it Best to issue a statement today that appeared designed to remind True Value and its customers that Do it Best could be of service.
"We are certainly considering the opportunities potentially available with our competitor," Do it Best CEO Dan Starr said in the statement, using language that other companies have employed when they've shown interest in being a buyer or investing partner. He added later: "Our financial strength provides the backing for potential acquisitions and our business models are closely aligned. Most importantly, Do it Best Corp. has a demonstrated history of successfully processing a merger with another smaller home improvement co-op."
Starr didn't elaborate regarding any potential investment. Most press reports about a potential True Value sale have identified Ace Hardware and online services like Amazon as the likely suitors.
But even if Do it Best can't play a role in any deal, it appeared that it was ready to woo dealers. "As for the conjecture with True Value and the future of their member stores, Do it Best Corp. is committed to serving the needs of independent home improvement businesses and stands ready to demonstrate why we are the best partner for anyone interested in growing their business," Starr's statement said. "Over the last few months, we have welcomed an increasing number of former True Value members into the Do it Best family and we look forward to welcoming many more."
Fort Wayne, Ind.-based Do it Best touts its status as a unique co-op that can provide a full range of products to both hardware stores and pro-oriented LBM operations. It counts both among its membership.
