Morningstar

Home Depot to Buy HVAC Distributor Mingledorff's — Update

Provided by Dow Jones

By Colin Kellaher 




  Home Depot has struck a deal to buy Mingledorff's, a wholesale distributor of heating, ventilation and air conditioning equipment, parts and supplies, for an undisclosed amount. 



  Home Depot on Tuesday said Mingledorff's, which serves residential and commercial customers through 42 locations in five southeastern U.S. states, adds a new vertical to its SRS Distribution specialty trade distribution unit, which targets professional customers. 



  Home Depot bought SRS 2024 for a total enterprise value topping $18 billion and expanded the unit in 2025 with the $5.5 billion acquisition of GMS. 



  HVAC distribution represents a total addressable market of roughly $100 billion, Home Depot said, adding that the deal will boost the home-improvement retail giant's total addressable market to $1.2 trillion. 



  Mingledorff's, based in Peachtree Corners, Ga., posted sales of $1 billion in 2024. 



  Home Depot said it expects to complete the acquisition, which it plans to fund with cash on hand and debt, during the second quarter of the current fiscal year that began on Feb. 2, and that it doesn't expect the deal to affect its plan to return to its target 2x leverage ratio by the summer of 2027. 





  Write to Colin Kellaher at colin.kellaher@wsj.com 





  (END) Dow Jones Newswires



  March 24, 2026 11:39 ET (15:39 GMT)


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