Puerto Rico True Value retailers look forward to investor deal
SAN JUAN – Chicago-based retailer-owned hardware cooperative True Value Co. and ACON Investments entered into an agreement March 15 whereby the latter would make a strategic investment in the “new True Value operating company.”
Members of the cooperative in Puerto Rico welcomed the possibility to bring capital to their operations. Juan Bauzá, owner of Ferreterías del Hogar, which has had two True Value hardware stores in Puerto Rico for 30 years, expressed support for the initiative, saying it “will result in new and better opportunities to continue serving our customers in Puerto Rico.”
The Hardware Group, which comprises other True Value-affiliated hardware stores on the island, also looks forward to the move.
True Value’s board is “unanimously recommending this transaction, which it believes represents a unique opportunity to accelerate the transformation of the business while also delivering compelling financial and retail benefits to our customers,” a release announcing the deal reads.
“We believe this is a fantastic opportunity for our hardware stores that will allow them to unlock the substantial majority of their investment while accelerating the transformation of the company to better serve our customers,” John Hartmann, president and CEO of True Value, says in the recent release.
“True Value’s ability to adapt changes is essential to offer the best service and opportunities to our clientele,” Bauzá added in his statement.