Lead photo: True Value signage at the company’s Fall Reunion Trade Show, held Sept. 25-27 at McCormick Place in Chicago, IL. Photo courtesy of True Value.

True Value’s search for a buyer didn’t take long.

A little more than a week after CEO Chris Kempa informed the company’s vendor partners that True Value was exploring a sale, the Chicago-based hardlines wholesaler announced it has agreed to sell all of its operations to industry peer Do it Best Corp.

True Value has initiated Chapter 11 bankruptcy proceedings to facilitate the sale.

True Value will continue its day-to-day operations that serve 4,500 independently owned retailers.

Do it Best — a cooperative of home improvement products and do-it-yourself building materials — is comprised of 4,300 member-owned stores across the U.S. and internationally. For its 2014 fiscal year that ended June 29, the company had total sales of $4.57 billion, up 30% compared to 2019.

“After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future,” Kempa said in an Oct. 14 news release. “We believe that entering the process with an agreed offer from Do it Best — who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow — is the most beneficial next step for True Value and our associates, customers and vendor partners.”

Financial terms of the pending transaction weren’t shared, though True Value said the deal provides “significant cash consideration and meaningful assumption of liabilities” related to the ongoing business. The company looks to use its cash collateral to fund operations, and added that Do it Best has committed to providing incremental capital for additional financing if needed.

True Value said it is targeting to complete the sale process by the end of 2024.

Earlier this year, Do it Best completed a merger with United Hardware — a member-owned corporation that provides distribution services for about 610 stores, most of which sell under the Hardware Hank banner. It also services about 800 other stores owned by non-members.