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Mergers & Acquisitions

Home Depot Shares the Why Behind GMS Purchase

With the deal set to close by the end of January, we discuss HD’s newest commentary about why it is buying wallboard distributor GMS for $4.3 billion just 14 months after acquiring SRS Distribution for $18 billion in its largest transaction ever.

August 20, 2025

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The Home Depot — long known as the world’s largest home improvement retailer — has made it quite clear that it’s also all-in on being a wholesale distributor. With 325 distribution centers in its footprint, the company is serving contractor customers (Pros) just as extensively as do-it-yourselfers, and hasn’t been shy about its role as a distributor. CEO Ted Decker spoke at length about this during his keynote at the National Association of Wholesaler-Distributors’ 2024 Innovators Summit, and the company continues to reference its B2B market role in earnings calls and presentations. It…

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