Tags: home depot | interline | acquisition | deal

Home Depot, Interline Deal: Chain Buys Maintenance Company for $1.625B

Image: Home Depot, Interline Deal: Chain Buys Maintenance Company for $1.625B
Home Depot is buying Interline Brands Inc. in a $1.625 billion deal. (Interline Brands; Justin Sullivan/Getty Images)

By    |   Thursday, 23 Jul 2015 02:04 PM

Home Depot announced Wednesday it will buy Florida-based Interline Brands Inc., which provides maintenance, repair, and operations products, for $1.625 billion.

Interline, which has about $2 billion in annual sales, markets thousands of products used in MRO areas, which include janitorial, plumbing, heating. and air conditioning, according to the Jacksonville Times-Union.

“We think the partnership with The Home Depot adds tremendous capabilities and skills to our business, so there are not plans for personnel reductions as a result of this transaction,” Interline CEO Michael Grebe told the Times-Union. “This is all about growth — becoming more relevant, stronger and capable for our customers.”

Interline has about 700 employees in the Jacksonville area, the newspaper said, and about 4,500 nationwide. The Interline executive team will remain with Home Depot; Grebe will be a senior vice president.

From the Home Depot perspective, president and CEO Craig Menear said in a press release the Interline acquisition broadens the services his company is able to offer to Pro customers, referring to contractors and other professionals who buy from the home store chain.

"Addressing the needs of our Pro customers is a top priority for The Home Depot," Menear said. "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."

Interline services customers with its MRO product directly to the job site, using 500 trucks nationwide, the Times-Union reported. Interline has about 90 locations in the United States, Canada, and Puerto Rico, the press release said.

Home Depot’s second quarter financial results will be out in mid-August, and they are expected to reflect the impact of the acquisition on the company’s earnings, the release said.

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Home Depot announced Wednesday it will buy Florida-based Interline Brands Inc., which provides maintenance, repair, and operations products, for $1.625 billion.
home depot, interline, acquisition, deal
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2015-04-23
Thursday, 23 Jul 2015 02:04 PM
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