The acquisition is expected to close within the next 30 days. Terms were not disclosed.
"We remain committed to finding new business opportunities for the Home Depot, and this acquisition adds new customer channels and product selling opportunities," said Frank Blake, executive vice president - business development, Home Depot. "We were attracted to White Cap because of its leadership position in the industry, and because its customers and product lines complement our existing retail business. White Cap represents another step in offering professional customers products and services for the entire construction process."
According to Home Depot, the total professional contractor market is estimated to be a $410 billion business. White Cap's estimated annual sales are approximately $500 million.
Founded in 1976, White Cap operates 70 branch locations throughout the United States and employs 1,720 people. The company says it offers more than 65,000 in-stock products including construction materials, hand tools, fasteners, safety equipment, power tools and equipment, work wear, and landscape lighting.
Publication date: 05/10/2004