Home Depot subsidiary SRS Distribution to acquire HVAC wholesaler
The Home Depot continues to beef up offerings for its “pro” customers.
The home improvement retailer’s subsidiary SRS Distribution Inc., which it acquired in 2024 for $18.25 billion, has entered into an agreement to acquire Mingledorff's Inc., a leading wholesale distributor of heating, ventilation and air conditioning equipment, parts and supplies. The company serves residential and commercial customers through 42 locations in five states across the Southeastern U.S.
The financial terms of the transaction, which is expected to be funded through cash on hand and debt, were not disclosed. HVAC distribution represents a total addressable market of approximately $100 billion and the transaction will increase Home Depot's total addressable market to $1.2 trillion, according to a press release announcing the deal.
Home Depot has been investing to expand its offerings and capabilities to better serve contractors and other home professional customers as it looks to increase its pro business. In June 2025, SRS agreed to acquire GMS Inc. a North American specialty building products distributor.
Through SRS, Home Depost said it has established a leading position in specialty trade distribution across multiple verticals including roofing and building products, interior and construction products, landscape and pool. SRS's acquisition of Mingledorff's adds HVAC distribution as a new vertical.
"SRS is a growth engine for The Home Depot, and we continue to drive significant synergies that enable us to bring more innovation and value to our Pro customers," said Home Depot president and CEO Ted Decker. “The addition of Mingledorff's will give us an incredible opportunity to build an enterprise-wide platform in HVAC equipment, replacement parts and supplies, creating another entry point into the broader distribution space."
Mingledorff's brings an extensive product portfolio, robust distribution network and established customer relationships that are highly complementary to SRS's existing business, positioning the company to win greater share of wallet in the fragmented building materials distribution industry, according to the release announcing the acquisition. HVAC distribution represents a total addressable market of approximately $100 billion and will increase Home Depot's total addressable market to $1.2 trillion.
In a statement, Dan Tinker, CEO of SRS, said that the acquisition establishes another vertical that will allow the company to serve new pro contractors while enhancing its product offering to existing builder, general contractor and multifamily customers “more holistically than ever before."
"By adding a quality HVAC platform alongside our premier roofing, interior and exterior building materials, landscape and pool businesses, we can offer our customers unmatched product options and streamlined fulfillment — all from a single, trusted distribution partner."
David Kesterton, president and CEO of Mingledorff's, and his senior leadership team will continue to lead Mingledorff's as part of the SRS organization.
"Joining forces with SRS and The Home Depot marks an incredible new chapter in our company's history and gives us a powerful platform to broaden our reach and impact," said Kesterton. "As a family-owned business with a long-standing heritage of service, we have always prioritized deep partnerships and an unwavering commitment to our customers' success."
At the end of fiscal 2025, Home Depot operated a total of 2,359 retail stores and over 1,250 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico
