The Home Depot has entered into a definitive agreement to acquire Jacksonville, FL-based Interline Brands, a leading national distributor and direct marketer of broad-line maintenance, repair and operations products.
Home Depot will acquire Interline for $1.63 billion in cash under the terms of the agreement, it stated.
The home center retailer said Interline shareholders have approved the acquisition. Home Depot noted that it expects to complete the acquisition during the company’s fiscal third quarter, which ends on November 1. The deal should be accretive to Home Depot’s earnings in fiscal 2015.
“Addressing the needs of our pro customers is a top priority for The Home Depot,” said Craig Menear, the retailer’s president, CEO and chairman. “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.”
In addition, 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. He will continue to lead The Home Depot Canada until a successor is named.