Is True Value about to be bought out?
Are the rumors true? A Bloomberg report on Monday had the industry talking, raising the prospect of a sale for True Value Company.
According to sources who spoke to Bloomberg and asked not to be identified, the co-op is currently in talks with an investment bank and is, for lack of better terms, exploring its options. And it may be considering a sale that would value the company at $800 million.
The sources also said that private equity firms are likely to get involved, but that there's no final decision yet.
True Value responded to a request for comment this morning with the following statement:
"We were not contacted for comment by Bloomberg but what I can tell you is there is no company out there that is more focused on the independent hardware retailer," said VP communications Jean Niemi. "True Value remains committed to our long-term strategic plan, and as part of that, we are continuously assessing and evaluating many opportunities in an effort to create maximum value for all of our retailers."
Guardian Building Products makes a move
Guardian Building Products is moving its Waterville, Maine, distribution facility to a new branch location in the same town.
The new (and larger) location is located at 977 West River Road and will have a service radius of more than 200 miles. It will continue to serve customers west to Kingfield, Maine; east to Calais, Maine; south to Jaffery, New Hampshire; and north to Fort Kent, Maine.
The new location will officially open its doors on July 17. Its 50,000 sq. ft. will have nearly double the inside storage capacity, plus an added fence that offers nearly 2 acres of outdoor storage.
The company has also added a new racking system and all new furnishings and fixtures, in addition to an inside sales representative to maintain customer service quality throughout the moving process.
"The move will be great for our customers," said Branch Manager Bruce Arnold. "Upgrading our facility will only help our ability to serve them more efficiently. We are excited to be adding additional product lines to our warehouse, and increasing our capacity to serve. Plus, we are located at the brand new Trafton Road Interchange on I-95, which makes it very accessible."
Executive move at Cedar Creek
Cedar Creek hired Mike Wardlow as director of engineered wood products. The new executive has 28 years of industry experience that includes positions with Georgia Pacific, Boise Cascade, Hunt Forest Products, and most recently LP Building Products. Throughout his 19 years with LP, Wardlow held the positions of regional sales manager for plywood, oriented strand board, director of engineered wood products, and western regional sales manager for all LP products.
A native of Tennessee, Wardlow received his bachelor's degree in business administration from the University of North Carolina Wesleyan and his A.A.S. degree in unitions systems technology while serving in the United States Air Force
Wardlow and his wife of 33 years, Sylvia, have two children and currently reside in Franklin, Tennessee.
Based in Oklahoma City, Cedar Creek operates 31 locations in 29 states.