The Home Depot’s purchase of building materials distributor SRS Distribution is now complete, and faster than many expected.

The do-it-yourself and contractor supply retailer originally announced the deal on March 28, saying then that it would close by the end of 2024. It turns out they needed less than three months to push it through.

With an estimated enterprise value of $18.25 billion, the acquisition gains The Home Depot a major distributor of building products with $9.8 billion in 2023 revenue and adjusted EBITDA of about $1.1 billion. SRS has over 760 branch locations across 47 U.S. states, and about 10,800 employees, including 2,500+ sales reps. Additionally, SRS has over 4,000 flatbed, box and boom delivery assets.

SRS Distribution ranked No. 4 on MDM’s 2024 Top Building Materials/Construction Distributors List. The Home Depot’s Pro segment, meanwhile, charted near the top of our lists for Industrial Supplies, MRO and JanSan/Packaging/Disposables.

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The Home Depot noted that the now-completed deal will increase the combined company’s total addressable market to approximately $1 trillion — up about $50 billion from its previous estimate. The company said the transaction accelerates its growth with the residential professional customer, allowing it to better serve the “complex purchase occasion” while also establishing The Home Depot as a leading specialty trade distributor across multiple vehicles.

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“SRS is an excellent fit for The Home Depot – it’s both complementary and additive to our growth,” The Home Depot Chairman, President and CEO Ted Decker said in a June 18 news release. “Their ability to quickly build leadership positions in each of their specialty trade verticals is a testament to the team’s strong vision, leadership, culture and execution. SRS’s outstanding customer service, capabilities, and expertise will help us drive value for our customers, associates and shareholders, and we’re excited to welcome the SRS team to The Home Depot.”

McKinney, TX-based SRS was founded in 2008. About two-thirds of SRS’ revenue comes from its building materials offering of roofing, siding and other exterior products. About one-sixth is from its landscape unit and another one-sixth is from pool supply. SRS states that it has more than 130,000 different customers and that only one accounts for more than 1% of the company’s total sales.

In 2018, SRS was sold from Leonard Green & Partners to fellow private equity firm Berkshire Partners.