ATLANTA — The Home Depot has announced a definitive agreement to acquire Jacksonville, Fla.-based Interline Brands, Inc., a national distributor and direct marketer of broad-line maintenance, repair and operations (MRO) products. And it’s putting the Canadian division’s current president in charge.
Under the terms of the deal, Home Depot will acquire Interline for $1.625 billion in cash, subject to customary adjustments. At the same time, Bill Lennie, president of The Home Depot Canada, has been named EVP, outside sales and service, a newly created post that puts Lennie in charge of the company’s pro, MRO, and installation services business. In his new role, he will also oversee the integration of Interline. Lennie will continue to run Home Depot Canada until a replacement is found.
The acquisition, which has been approved by the shareholders of Interline, is expected to be completed during The Home Depot’s fiscal third quarter, which ends on November 1. The deal is subject to applicable regulatory approval and other customary closing conditions.
