Mar. 25 at 2:35 PM
$HD SRS Distribution subsidiary is buying Mingledorff’s , a leading wholesale distributor of HVAC equipment w/ 42 locations across 5 states in the southeastern US.
It’s a key distributor of Carrier & Bryant HVAC equipment
Home Depot said that HVAC distribution has a
$100B TAM & this deal increases Home Depot’s TAM to
$1.2T
Terms weren’t disclosed but funded by cash & debt. Home Depot said this deal won’t impact its anticipated return to a 2x leverage ratio by the end of 2Q27
SRS has 1,250 locations — a significant increase from the 750 it has at the time it was acquired in mid-2024. HD has since acquired Gypsum Magmt & Supply this past Sept for
$5.5B & tucked it into SRS. SRS had made 2026 tuck-in acquisitions of Sider Lumber & Supply, Outdoor Solutions, LS Building Products— each announced in late Feb
HD hasn’t broken out rev details for SRS since, but its 2025 revs likely was in the range of
$16B-
$18B when factoring in GMS’ full-year addition.