ATLANTA — HD Supply and The Home Depot announced Tuesday they have entered into an agreement for The Home Depot to purchase substantially all of the assets of HD Supply Hardware Solutions, formerly known as Crown Bolt, a supplier of fasteners and builders hardware to retailers in the United States. Terms of the deal were not disclosed. The transaction is expected to close by the end of fiscal year 2014 subject to obtaining customary regulatory approvals.
“After a detailed evaluation, we determined that selling our Hardware Solutions business is in the best interests of our associates and HD Supply shareholders,” said Joe DeAngelo, CEO of HD Supply. “HD Supply Hardware Solutions and The Home Depot have a long-standing and natural partnership. The Home Depot is Hardware Solutions’ largest customer and accounts for approximately 98 percent of its annual sales.”
HD Supply Hardware Solutions was The Home Depot’s 2013 Hardware Vendor of the Year, recognized for providing top-notch service and quality to The Home Depot stores.
“Our companies have had a long-standing relationship,” said Craig Menear, CEO and president, The Home Depot. “By formally bringing the business into The Home Depot family, we expect to further enhance our supply chain capabilities and hardware product offerings.”
HD Supply is one of the largest industrial distributors in North America, ranked No. 4 on Industrial Distribution's 2014 Big 50 List. The company provides a broad range of products and value-add services to approximately 500,000 customers with leadership positions in maintenance, repair and operations, infrastructure and power and specialty construction sectors.
The Home Depot is the world's largest home improvement specialty retailer, with 2,269 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2013, The Home Depot had sales of $78.8 billion and earnings of $5.4 billion.