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Photo by Helen H. Richardson/The Denver Post via Getty Images

Private equity firm ACON Investments has agreed to acquire a majority stake in Chicago-based hardware retailer True Value.

Why it matters: Because it will transition True Value away from the co-op model on which it was founded 70 years ago.

True Value CEO John Hartmann says he has "great respect" for the co-op model, but believes it's outdated and ties up independent retailer capital that could be better spent investing in their stores.

More details via The Chicago Tribune:

"The agreement would give Acon Investments a 70% stake in a new True Value operating company, with the remaining 30% owned by the member retailers who currently own the cooperative. A portion of Acon’s investment would be used to return 70% of retailers’ invested capital, along with promissory notes and dividends, totaling about $229 million, to those retailers."

Go deeper

Changing the inflation conversation

Illustration: Annelise Capossela/Axios

Inflation looks like it’ll run hot for longer than plenty of smart people thought it would. The conversation over just how much more Americans will have to pay for their stuff has taken on a new intensity, as supply problems show few signs of fading.

Why it matters: The rate of price growth has remained consistently strong in recent months — a time that some thought would bring cooling prices after an initial reopening spike. What goes on with prices will influence the decisions made by Congress, the Biden Administration, and the Federal Reserve.

The biggest headline from Biden's town hall

President Biden greets attendees during a commercial break in Baltimore last night. Photo: Nicholas Kamm/AFP via Getty Images

What matters from President Biden's town hall with CNN's Anderson Cooper at Baltimore Center Stage on Thursday, via Axios night owl Hans Nichols:

The biggest headline: Biden is jettisoning the corporate tax increases that White House officials have insisted, for the past 10 months, are wildly popular across the country. He admitted he doesn't have the votes.

Trump, your 2024 GOP nominee

Illustration: Shoshana Gordon/Axios

Former President Trump is telling most anyone who'll listen he will run again in 2024 — and poll after poll shows the vast majority of Republicans would gladly cheer him on and vote for him. 

Why it matters: Trump is the heart, soul and undisputed leader of the Republican Party and will easily win the nomination if he wants it, the polls make unmistakably clear.