TRUE VALUE COMPANY ACQUIRES THE AGWAY BRAND

Purchase of Brand Trademark a Key Growth Opportunity in the Rapidly Expanding Farm & Ranch Retail Category

CHICAGO, Nov. 1, 2022 /PRNewswire/ -- True Value Company ("True Value"), one of the world's largest hardlines wholesalers, today announced it has acquired the brand trademark rights from Agway Farm & Home Supply ("Agway"), a leading wholesale product distribution company serving a network of private dealers, primarily in the U.S. Northeast.

The Agway Trademark acquisition expands True Value's capabilities in the fast-growing Farm, Ranch, Auto & Pet (FRAP) category. As part of the purchase, True Value has also obtained the rights to select private-label products and equipment. Currently, close to 600 retail stores operate under the Agway name.

"Purchasing the Agway brand is an excellent fit for True Value as we continue to grow through strategic acquisitions," said Chris Kempa, CEO of True Value Company. "Farm & Ranch is an important category for True Value and owning the Agway brand deepens our capacity to support our retailers in providing their customers with the products they need."

"We are thrilled that an iconic brand like True Value has acquired the Agway trademark and that these two highly recognizable names will continue serving communities across the country," said Jay Quickel, President and CEO of Agway Farm & Home Supply. "True Value has been a respected partner of ours for many years and is the ideal company to carry on Agway's historical commitment to its independently owned retailers."

The transaction represents True Value's second completed acquisition in 2022. In March, True Value announced the purchase of Majic, The Yenkin-Majestic Paint Corporation's consumer paint division.

True Value Company, headquartered in Chicago, is one of the world's leading hardlines wholesalers with a globally recognized brand and nearly 75 years of experience serving independent hardware retailers. True Value Company provides its customers in over 60 countries an expansive product set of market-customized assortments at highly competitive prices, superior product availability, innovative marketing programs and a la carte value-added services like eCommerce ship-to-store, store remodel support and True Value University, all within a flexible model that requires no membership. With 13 regional distribution centers, and approximately 2,500 associates serving over 4,500 stores, True Value Company celebrates independence and drives retail excellence across the U.S. and internationally. Learn more at www.TrueValueCompany.com.

Agway Farm & Home Supply was formed as a farmer-owned cooperative in 1964 to serve the agricultural needs of the Northeast. Today, Agway Farm & Home Supply is a leading wholesale product distribution company serving a network of private dealers. Agway stores carry a variety of products including lawn and garden, wild bird seed and supplies, pet products and farm supplies. Current Agway retailers interested in continuing to use the Agway brand should contact us at [email protected].

SOURCE True Value Company