The acquisition is expected to be completed in Home Depots fiscal third quarter, which ends November 1, and is subject to applicable regulatory approval and customary closing conditions, including the repayment of Interlines outstanding senior notes.
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Home Depot’s customers in its Pro division are for the most part professional contractors, remodelers and repairman looking for services like delivery, bulk pricing and expanded credit.
Brad Gross, Managing Director of Goldman Sachs, said, “In recent years, Interline has achieved impressive financial results and accomplished a number of key business enhancements. 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 Chairman, President and CEO Craig Menear said.
Home Depot said Bill Lennie, president of its Canada operations, will oversee the integration and then lead the Pro, MRO and installation services business in a newly created role.
In March, Interline announced the consolidation of five of its leading brands – AmSan, CleanSource, JanPak, Trayco, and Sexauer – into one national brand, SupplyWorks.
Lennie will also continue to head the Canadian operations until his successor is appointed, the company said.
During fiscal 2014, Home Depot reported sales of $83.2 billion with earnings that reached $6.3 billion.
Interline serves more than 175,000 locations, with more than 150,000 national as well as exclusive branded products, ecommerce technology and innovative supply chain through over 1,600 sales as well as support professionals.
Before the markets opened Wednesday morning, Home Depot Inc.
Interline is owned by Goldman Sachs Capital Partners, P2 Capital Partners LLC and management. Its 2014 full-year sales totaled $1.68 billion, a 4.9 percent increase over 2013.
Interline’s Jacksonville headquarters are located on the Southbank at the intersection of San Marco Blvd. and Mary St.
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Forward-looking statements are based on now available information and The Home Depot’s current assumptions, expectations and projections about future events. You are advised, however, to review any further disclosures it makes on related subjects in its periodic filings with the Securities and Exchange Commission.
