July 14 (UPI) — Ace Hardware CEO John Venhuizen said his company could be interested in buying competitor True Value, amid reports the latter company is considering a sale.
Earlier this week, Bloomberg reported True Value was examining putting itself up for auction with a potential asking price of $800 million. The Chicago Tribune reported competitor Ace Hardware would be among the suitors if the sale process moves forward.
“It is our understanding that True Value is evaluating or conducting a formal auction process for the sale of its business,” Venhuizen told the Tribune. “At this point, we have received no contact to participate in that auction process. If contacted, we would have interest in exploring it.”
Both national hardware store chains are based in the Chicago area.
According to its website, True Value is a collective of more than 4,000 stores in 58 countries. Last year the company posted revenue of $1.51 billion, up 1.1 percent from the previous year.
Ace has more than 4,800 stores worldwide, the overwhelming majority of which are franchises. In 2016, the company posted $5.1 billion in revenue, an increase of 1.6 percent of the previous year.