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Chicago & Midwest  + North Side  + Retail  | 

PE Firm Takes 70% Stake in True Value

Chicago-based retailer True Value Company will come into the portfolio of private equity firm ACON Investments, as ACON takes a 70% stake. The deal to create a new operating company moves True Value away from the retail co-op model on which it was founded in 1948.

ACON will make a strategic investment in the new operating company, with current True Value retailers having 70% of their invested capital and 100% of their promissory notes repaid when the deal closes. This represents approximately $229 million in returns and credits to the retailers, who will retain a 30% holding in the operating company.

“As the retail industry continues to experience unprecedented change, we must ensure that True Value stays ahead of that change, so that we are best placed to support the independent hardware retailer for decades to come,” said John Hartmann, True Value’s president and CEO.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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