Home Depot buys Mingledorff’s
Home Depot's acquisition of HVAC distributor Mingledorff’s drew a bullish take from Jefferies, which points to expanded HVAC reach and cross‑sell opportunities for the retailer. The move signals deeper push into technical categories and contractor relationships. (insidermonkey.com)
SRS Distribution Inc., a subsidiary of The Home Depot, entered into a definitive agreement to acquire Mingledorff’s Inc., a wholesale HVAC distributor that operates 42 locations across five states in the southeastern U.S. (ir.homedepot.com) Home Depot’s announcement pegs HVAC distribution as an approximately $100 billion total addressable market and says the addition will raise the company’s overall total addressable market to about $1.2 trillion. (ir.homedepot.com) The companies said the transaction is expected to close in the second quarter of fiscal 2026, subject to customary regulatory approvals, and Home Depot plans to fund the deal with a mix of cash on hand and debt. (distributionstrategy.com) Mingledorff’s reported roughly $1 billion in sales in 2024 and traces its founding to 1939, operating as a regional wholesale HVAC supplier headquartered in the Atlanta area. (morningstar.com) Jefferies’ analyst Jonathan Matuszewski reiterated a Buy rating on Home Depot and set a $454 price target while estimating the SRS/Mingledorff combination expands the firms’ aggregate addressable market by roughly $100 billion. (ng.investing.com) SRS itself was acquired by Home Depot in 2024 for a total enterprise value above $18 billion, and SRS has executed several tuck‑in deals this year—named acquisitions include Sider Lumber & Supply, Outdoor Solutions and LS Building Products—while Mingledorff’s CEO David Kesterton and senior leadership are expected to remain in place after closing. (marketwatch.com)
