Home Depot to acquire Interline Brands
The Home Depot announced its entry into a definitive agreement to acquire Jacksonville, Fla.-based Interline Brands Inc., a national distributor and direct marketer of broad-line maintenance, repair and operations (MRO) products.
Under the terms of the agreement, The Home Depot will acquire Interline for $1.625 billion in cash, subject to customary adjustments. The acquisition, which has been approved by the shareholders of Interline, is expected to be completed during The Home Depot's fiscal third quarter, which ends on Nov. 1, 2015. The deal is subject to applicable regulatory approval and other customary closing conditions.
"Addressing the needs of our Pro customers is a top priority for The Home Depot," said Craig Menear, chairman, CEO and president of The Home Depot. "Interline is a well-run company that has achieved impressive financial results over the last few years. With their seasoned leadership team, we will enhance our ability to serve the Pro – both in the store and at any desired location outside of the store – driving significant value for our customers and shareholders."
Home Depot said that Interline brings an experienced outside sales force, fulfillment capabilities in the residential MRO market, and an extensive distribution network of more than 90 locations throughout the U.S., Canada and Puerto Rico.
"We believe this transaction will create many exciting opportunities for our customers and associates as we enter the next exciting stage in our company's history. Through this partnership, we believe we can bring a truly interconnected solution to customers, providing them with a single source for all of their maintenance, repair and operation needs - whenever and wherever they need it. Ken Sweder and I truly look forward to being a part of The Home Depot team," said Michael Grebe, Interline's chairman and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
