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What Was Home Depot's Largest Acquisition?

David Rosenthal says Home Depot's largest acquisition was SRS in 2024, an $18.25 billion deal and the biggest in company history. SRS is a specialty trade distributor for professional roofers, landscapers, pool contractors, and other trades, an adjacency that grows the total addressable market.

Home Depot paused stock buybacks to use the capital to swallow the deal. The thesis is similar to HD Supply, with less focus on maintenance and more focus on net new exterior building projects. Bulk orders are planned ahead and delivered to job sites by a dedicated fleet, through distribution centers and vehicles outside traditional stores. Home Depot has already made another multi-billion dollar acquisition within SRS for interiors such as drywall and ceilings, on top of the exterior focus.

The parallel business serves bigger pros who can get a whole job fulfilled outside the stores. The same pros probably come into Home Depot retail for real-time needs while a job is in progress.

Grokipedia·Home Depot

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The Home Depot ·

Acquired

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