The Home Depot completed the previously-announced acquisition of SRS Distribution for a total enterprise value of approximately $18.25 billion. SRS is a residential specialty trade distribution company across several verticals, including Heritage Landscape Supply Group and Heritage Pool Supply Group. The acquisition was first announced on March 28.
“SRS is an excellent fit for The Home Depot—it’s both complementary and additive to our growth,” Ted Decker, chair, president, and CEO of The Home Depot, said. “Their ability to quickly build leadership positions in each of their specialty trade verticals is a testament to the team’s strong vision, leadership, culture, and execution. SRS’s outstanding customer service, capabilities, and expertise will help us drive value for our customers, associates, and shareholders, and we’re excited to welcome the SRS team to The Home Depot.”
The home-improvement retailer said the acquisition will increase its total addressable market to approximately $1 trillion, an increase of $50 billion.
The Home Depot said the combination with SRS will accelerate growth with the residential professional customer. According to the company, SRS complements The Home Depot’s capabilities and enables the company to better serve the complex purchase occasion, while also establishing The Home Depot as a leading specialty trade distributor across multiple verticals.
Under the terms of the agreement, SRS Distribution will operate as an independent business unit within The Home Depot. SRS Distribution CEO and president Dan Tinker and his senior leadership team will continue to lead SRS.
