The Home Depot announced that its subsidiary, SRS Distribution, has entered into a definitive agreement to acquire Mingledorff’s, a wholesale distributor of heating, ventilation, and air conditioning equipment, parts, and supplies serving residential and commercial customers across the southeastern United States.
Mingledorff’s operates 42 locations across five states and brings a long-established presence in the HVAC distribution market. The acquisition will expand SRS Distribution’s capabilities by adding HVAC as a new vertical alongside its existing roofing, building products, landscape, and pool distribution businesses.
The transaction is expected to close in the second quarter of fiscal 2026, subject to customary closing conditions, including regulatory approvals. Financial terms were not disclosed.
The deal is part of The Home Depot’s broader strategy to deepen its Pro customer offering and expand its footprint in specialty trade distribution. The addition of Mingledorff’s is expected to strengthen SRS’s position in a fragmented building materials distribution market while increasing The Home Depot’s total addressable market to approximately $1.2 trillion. HVAC distribution alone represents an estimated $100 billion market opportunity.
Mingledorff’s leadership team, including its president and CEO, will continue to lead the business as part of the SRS organization following the close of the transaction. The acquisition is expected to be funded through a combination of cash on hand and debt, with The Home Depot indicating it does not expect the deal to impact its target leverage ratio.
Support: Advisors on the transaction included BofA Securities and Weil, Gotshal & Manges LLP for The Home Depot, and Houlihan Lokey and Greenberg Traurig LLP for Mingledorff’s.
KEY QUOTES:
“The momentum we’ve seen in the SRS business is a testament to its strong customer value proposition and execution. 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. 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.”
Ted Decker, Chair, President And CEO, The Home Depot
“We are thrilled to welcome Mingledorff’s to the SRS family, establishing another vertical that allows us to serve new Pro contractors while enhancing our product offering to our 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.”
Dan Tinker, CEO, SRS Distribution
“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. 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. We’re excited to expand our service-first mission while becoming an integral part of the premier destination for Pros in the industry.”
David Kesterton, President And CEO, Mingledorff’s
