has announced that it was named the recipient of the Association for Corporate Growth (ACG) 2024 Deal of the Year Award (Large Cap) for the state of Indiana. The prestigious award recognizes the successful acquisition of True Value Company, marking a significant achievement in the home improvement industry. The award was presented at the ACG Annual Awards event, which was held on April 17, at the Ritz Charles Garden Pavilion in Carmel, Indiana.聽
The acquisition, which closed on November 22, 2024, involved the purchase of substantially all of the assets and operations of True Value, a globally recognized retail hardware brand. The deal was executed under Section 363 of the Bankruptcy Code and was hailed as a model of corporate resilience and strategic foresight. It preserved nearly 2,000 jobs, maintained the brand identity of over 4,500 True Value retail stores worldwide, and allowed these independent retailers to continue sourcing products from their trusted supplier.聽
The acquisition not only represented one of the most significant corporate deals in the state of Indiana but also nearly doubled Do it Best鈥檚 employee base and retailer network overnight. As Indiana鈥檚 largest privately held company by gross revenue in 2024, Do it Best solidified its position as a leader in the independent hardware, lumber, and building materials sectors.聽
鈥淭his recognition by ACG was a testament to the dedication and hard work of our entire team, along with our strategic partners, who navigated a complex and challenging acquisition process,鈥� said Dan Starr, the company鈥檚 CEO. 鈥淭his deal was a win for the Do it Best and True Value teams, and for the thousands of independent retailers who rely on our products and services.鈥澛�
The acquisition was the result of challenging negotiations with True Value鈥檚 secured lenders, who initially sought a liquidation of the True Value enterprise. Thanks to the efforts of both companies鈥� legal and financial advisors, the transaction not only saved the business but delivered more net proceeds to the secured lenders than they had originally demanded.
The legal and financial teams behind the deal, including Do it Best鈥檚 advisors from Taft Stettinius & Hollister LLP and Stout Capital, and True Value鈥檚 advisors from Skadden, Arps, Slate, Meagher & Flom LLP and Houlihan Lokey, played an instrumental role in the successful closure of this acquisition.聽
The Deal of the Year Award recognized the most impactful and well-executed transactions in the state, and this acquisition exemplified the strength, resilience, and forward-thinking leadership of Do it Best in today鈥檚 competitive market.聽
