Home Depot builds up home improvement offering with USHS buy

DALLAS and ATLANTA — The Home Depot bolstered its home improvement selection with the acquisition of U.S. Home Systems, a manufacturer of kitchen, bathroom and other remodeling products, as well as storage organization systems for closets and garages. Currently, USHS serves as the exclusive provider of kitchen and bath refacing products and services as well as closet and garage organizational systems to The Home Depot.



Home Depot has agreed to buy USHS for $12.50 per share in cash which represents an approximately 38% premium over USHS' closing price on The NASDAQ Global Market on Aug. 6. The agreement was unanimously approved by USHS's board of directors. The acquisition is expected to close by the end of the calendar year, and is subject to approval by USHS stockholders, applicable regulatory approval and customary closing conditions.



"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann,SVP home services for The Home Depot.



Bryant Park Capital Securities Inc. is acting as exclusive financial advisor to USHS. Bryant Park Capital Valuation Services LLC (an affiliate of Bryant Park Capital Securities Inc.) has rendered a fairness opinion to the board of directors of USHS in connection with the transaction. Jackson Walker L.L.P. is acting as legal advisor to USHS.



J.P. Morgan Securities LLC is serving as The Home Depot's exclusive financial advisor and King & Spalding LLP is acting as legal advisor to The Home Depot.



USHSemploys more than 1,000 associates and operates a nationwide network of more than 40 branch offices.