Senior Director

SRS Distribution to make HVAC splash, acquire Mingledorff's. Set to complete by mid-year, it represents a new product vertical for building materials-oriented SRS, netting it 42 locations across the Southeast U.S. As it approaches the two-year mark since its $18 billion purchase by The Home Depot, SRS Distribution has inked a major deal of its own, and one that represents a new product vertical endeavor. SRS announced March 24 that it reached an agreement to acquire Mingledorff's - a wholesale distributor of HVAC equipment, parts and supplies to residential and commercial contractors and industrial accounts. Founded in 1939, family-owned and based in Peachtree Corners, GA, Mingledorff's has 42 distribution locations across Georgia, Alabama, South Carolina, Florida and Mississippi. It's a key distributor of Carrier and Bryant HVAC equipment, and has subsidiaries Holden & Associates (acquired in 1999) and Commercial Controls Group, Inc. Terms weren't disclosed for the pending deal, which is expected to complete by the end of 2026's second quarter and be funded with cash on hand and debt. The Home Depot said it doesn't expect the acquisition to impact the return to its target 2.0x leverage ratio. What stands out about the move is the product category. McKinney, TX-based SRS has long been aligned with traditional building materials verticals - with business pillars around roofing, building products of siding, windows & doors - landscape & pool supply via Heritage Landscape Supply (formed in 2019), and solar solutions. In a news release, SRS noted that Mingledorff's brings an extensive product portfolio, robust distribution network and established customer relationships that are highly complementary to SRS' existing business, positioning the company to win a greater share of wallet in the fragmented building materials space. It pegs the HVAC distribution total addressable market at $100 billion and notes that the deal will push HD's TAM to $1.2 trillion. "The momentum we've seen in the SRS business is a testament to its strong customer value proposition and execution," said Ted Decker, HD's Chairman, President and CEO. "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." SRS has approximately 1,250 locations - a significant increase from the 750 it has at the time it was acquired in mid-2024. HD has since acquired Gypsum Management & Supply this past September for $5.5 billion and tucked it into SRS. HD hasn't broken out revenue details for SRS since, but its 2025 revenue likely was in the range of $16 billion to $18 billion when factoring in GMS' full-year addition. "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," added Dan Tinker, CEO of SRS. "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." Mingledorff's President and CEO David Kesterton and his senior leadership team will continue to lead the company 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," Kesterton said. "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." For Home Depot, BofA Securities is serving as financial advisor and Weil, Gotshal & Manges is serving as legal counsel, while Houlihan Lokey is serving as financial advisor to Mingledorr's alongside Greenberg Traurig as legal counsel. Prior to the Mingledorff's announcement, SRS had made 2026 tuck-in acquisitions of Sider Lumber & Supply (Nesconset, NY), Outdoor Solutions (Lincoln, NE) and LS Building Products (East Peoria, IL) - each announced in late February. The LS deal was the biggest of them, netting SRS four distribution locations, three production facilities and over 220 employees. Mike Hockett is MDM's executive editor, having joined the publication in March 2022. He oversees MDM's editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett works from his home in Madison, WI. He can be contacted at [email protected]. Recommended Reading

SRS Distribution makes acquisitions in Long Island & Nebraska. SRS' first two bolt-ons of the year net two locations and a combined 31 employees. Building materials distributor SRS Distribution - owned by The Home Depot since September 2024 - announced a pair of acquisitions on Feb. 25. Sider Lumber & Supply. In the U.S. Northeast, SRS has acquired Sider Lumber & Supply Co., which is a distributor of lumber, decking, roofing, siding, windows & doors and other complementary building products based in Nesconset, NY on Long Island. In business since 1948, Sider had been owned by Frank and Joe Sider as second- and third-generation owners, respectively. The company has 18 employees. Frank sider is set to retire, while Joe will continue to lead the business going forward. "The Sider family has established an incredibly strong reputation over the last 75 years serving the lumber industry in and around Long Island," said Kent Gardner, President of SRS. "Together, we look forward to building upon the Company's legacy for excellent service while adding additional resources, tools, and product lines to better serve their loyal customers." Outdoor Solutions. In the U.S. plains, SRS has acquired Lincoln, NE-based Outdoor Solutions - a distributor of natural and manufactureed stone, bulk materials and other related hardscapes products. It was acquired via SRS' Heritage Landscape & Supply subsidiary. Founded in 2007 Outdoor Solutions is owned and operated by brothers John & Bob Hendricks and has 13 employees. John is set to continue leading the team going forward. "The company represents our first hardscapes platform in Nebraska, which will perfectly complement our existing irrigation and lighting-focused footprint in the state," said Chris McMurrough, President of Heritage. "John and his loyal team have built a first-class organization, and we can't wait to see what they'll accomplish with Heritage's resources and support." The two additions represent SRS' first acquisitions of the year. The company's previously most recent addition was of Aurora, CO-based Specialty Wood Products, announced in November. Mike Hockett is MDM's executive editor, having joined the publication in March 2022. He oversees MDM's editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett works from his home in Madison, WI. He can be contacted at [email protected]. Recommended Reading