Interline Brands to be Acquired by The Home Depot
The Home Depot, Atlanta, entered into a definitive agreement to acquire Jacksonville, Florida-based Interline Brands, Inc. Interline owns SupplyWorks, a recent consolidation of AmSan, CleanSource, JanPak, Trayco, and Sexauer.
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 November 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," says 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."
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 United States, 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 needs - whenever and wherever they need it," says Michael Grebe, Interline's chairman and CEO.
The Home Depot also announced 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.
Lennie will continue to lead The Home Depot Canada until a successor is named.
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