True Value found a private equity firm to take a majority stake in the company on Thursday in a shift away from the hardware company’s cooperative structure.
Acon Investments now owns a 70 percent stake in the Chicago-based retailer. The remaining 30 percent will remain with member retailers who own the cooperative. About $229 million of Acon’s funds will be used to return 70 percent of retailers’ capital, promissory notes and dividends.
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The Acon deal must earn the support of half of True Value’s member retailers in a vote at an upcoming special shareholder meeting on April 13. If it goes through, the deal is expected to close near April 18.
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