KUALA LUMPUR, March 29 (Bernama) -- The portfolio company of Leonard Green & Partners and Berkshire Partners, SRS Distribution (SRS), has entered into a definitive agreement with The Home Depot to be acquired for US$18.25 billion. (US$1=RM4.73)
SRS is a leading distributor of residential and commercial building products in the United States, with more than 760 branches across 47 states, while The Home Depot is the world’s largest home improvement retailer.
“Since our investment in SRS 11 years ago, we have enjoyed a highly collaborative and effective partnership with Chief Executive Officer (CEO) Dan Tinker and the entire SRS management team and we are thrilled to reach such a successful milestone in this announced sale to The Home Depot,” said Berkshire Partners Managing Director, Josh Lutzker in a statement.
Meanwhile, Senior Partner at Leonard Green & Partners, Jonathan Seiffer said: “We feel privileged to have had the opportunity to invest in and partner with SRS and its more than 11,000 employee stakeholders. We extend a heartfelt thank you and congratulations to the entire team at SRS on their remarkable history of growth.”
SRS Distribution President and CEO, Dan Tinker commented that the company was thrilled to be combining with The Home Depot, which is a direct result of the unwavering commitment and dedication from the entire team at SRS.
Berkshire Partners invested in SRS in 2013 when the company generated approximately US$650 million of revenue with fewer than 100 branches, distributing primarily residential roofing supplies.
In 2018, Leonard Green & Partners became majority owner of SRS, with Berkshire Partners remaining a significant shareholder. Over the duration of the partnership, both private equity firms helped evolve and grow the best-in-class leadership team at SRS.
-- BERNAMA
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