End of a co-op era at True Value

CHICAGO — Private equity firm Acon Investments has concluded its purchase of a 70% stake in True Value Corp, the companies confirmed Friday. True Value shareholders resoundingly approved the sale, with more than 80% voting to give it the green light. With the deal, True Value departs from the co-op model it has been identified with for 70 years. CEO John Hartmann has expressed his “great respect” for the model but says it is now dated and inflexible. Current co-op members will share in the value generated by the company through the new True Value Co., which is being set up to hold the remaining 30% of True Value Corp’s assets.