ATLANTA - The Home Depot will acquire Interline Brands, Inc., a leading national distributor and direct marketer of maintenance, repair and operations products. The $1.625 billion deal positions Home Depot to profit on the growing apartment and condo market, where the most of the new young householders are making their first homes.
Interline supplies repair and maintenance products for the institutional, multi-family housing and residential end-markets and is currently owned by Goldman Sachs Capital Partners, P2 Capital Partners, LLC and management. The deal will close by November 1, 2015, and allows Home Depot to sell more products to its professional customers.
"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. We will enhance our ability to serve the Pro – both in the store and at any desired location outside of the store."
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.
The Home Depot also announced today that Bill Lennie, president, The Home Depot Canada, has been named EVP, Outside Sales and Service. In this newly created post, Lennie will be responsible for leading The Home Depot's Pro, MRO and installation services business, including the integration of Interline. Under Lennie's leadership, The Home Depot Canada has achieved positive sales comps for the past 14 quarters. His prior responsibilities have included merchandising, global sourcing, proprietary brands, and oversight of Your Other Warehouse (YOW), a plumbing distributor owned by The Home Depot.
"As a 20-plus-year veteran of The Home Depot, Bill brings not only a track record of outstanding accomplishments, but also a breadth of experience from across the organization," said Menear. Lennie will continue to lead The Home Depot Canada until a successor is named.
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