Fort Wayne-based Do it Best acquired True Value, which has headquarters in Chicago and multiple locations in Northwest Indiana.
The deal includes inventory, brand rights and manufacturing facilities for paint.
“This has been a challenging process,” said Do it Best CEO Dan Starr in a press release. “However, the shared commitment from our team and the True Value team has made today possible. We are now proud to be the world’s largest cooperative in our space, and that positions us to make a real difference for all our store owners.”
True Value will retain its name as a separate subsidiary of the Do it Best company.
“We’re excited to welcome True Value retailers and associates into the Do it Best family,” Starr added. “Our commitment to championing the independent retailer is at the heart of everything we do, and I know our True Value team joins us in this mission. This acquisition is about ensuring our collective success, now and in the future.”
Part of the integration of True Value into Do it Best includes a new leadership team for True Value.
“This is a generational opportunity that will shape the future of our cooperative and our industry,” Starr said. “We’re focused on taking our time to get it right. We ask for patience as we integrate True Value and help everyone grow and achieve their dreams.”
The True Value website includes locations in Cedar Lake, Crown Point, Gary, Goshen, Lowell and Plymouth.
