The Home Depot Buys SRS Distribution
The Home Depot acquired SRS Distribution for $18.250 billion.
“We are proud to be combining with The Home Depot to continue our growth journey with the additional resources and capabilities they will put behind us,” said Dan Tinker, president and CEO of SRS. “We set out to find the optimal strategic outcome for the business, and we strongly believe we have achieved just that. With this combination, the future has never been brighter for our supplier partners, our Pro customers, and our team.”
Under the terms of the agreement, SRS Distribution will operate as an independent business unit within The Home Depot, focused on accelerating growth in the Pro market.
Over the past 16 years, the SRS Distribution has become one of the fastest-growing building products distributors in the United States.
This proposed transaction will bring together the talent, technology, and capabilities of SRS with The Home Depot’s name and platform, expanding SRS’ reach into numerous new product categories and customers. The combined platform will open new opportunities for existing suppliers and partners by providing access to SRS’ expert workforce focused on specialty verticals, as well as The Home Depot’s cross-project expertise, product mix, network, and digital assets.
Under the agreement, the SRS senior leadership team will remain with the company to guide its ambitious growth plans. Dan Tinker, president and CEO of SRS, will continue to lead SRS operations under this new structure, reporting to The Home Depot CEO Ted Decker.
SRS Distribution currently has two private equity investors: Berkshire Partners LLC. (since 2013) and Leonard Green & Partners L.P. (since 2018).
The transaction is expected to close by the end of fiscal 2024 and is subject to regulatory approvals and other customary closing conditions. Jefferies LLC. is acting as lead financial advisor, and Goldman Sachs is also acting as financial advisor to SRS on this transaction.
Yanmar Names New CEO
Effective April 1, Yanmar Compact Equipment appointed José Cuadrado as global CEO and chairman of the Board at Yanmar Holdings Co., Ltd.
Cuadrado replaces Giuliano Parodi who, for the last six years, has successfully led the transformation of Yanmar CE into a global leader and who is now transferring to manage the Yanmar Group’s Strategy Division, as chief strategy officer.
“Parodi is an experienced and dynamic leader and, having helped shape the strategy as part of the global leadership team since joining the company, is fully aligned to our goals and aspirations,” Parodi said. “We are confident that he will continue to drive Yanmar CE towards meeting its objective of becoming a customer-centric, innovative, global leader in compact equipment. We offer José our full support in his new role.”
In a career spanning more than 25 years, Cuadrado brings with him a wealth of relevant construction, industrial and automotive experience, working at leading brands that include Ingersol Rand, Doosan and CNH Industrial. He joined Yanmar CE in early 2023, where he is managing director of the company’s Europe, Middle East and Africa region; markets that equate to a third of the company’s global sales. A search has begun for his replacement, and Cuadrado will combine both Global CEO and EMEA roles until his successor is appointed, from his current base in Europe.
In his new role Cuadrado is responsible for leading increased organizational integration and improving financial performance, as well as driving customer success through best-in-class product development. He will play an important role in continuing the work of establishing Yanmar CE as a global leader in the compact equipment industry.
A Spanish national, Cuadrado holds a master’s degree in business & economics from University of Valladolid (Spain).
Ruppert Appoints New Branch Manager, Opens New Branch
Ruppert Landscape recently welcomed Kevin Paepke as branch manager in the company’s Mableton, Georgia landscape management branch. In this role, he will be responsible for the overall welfare of the branch, including the safety and development of his team, strategic planning and budgeting, training, customer service and day-to-day operations.
"Kevin’s familiarity with our organization, combined with his proven leadership skills, will play a key role in driving growth and maintaining the high standards our clients expect,” said Steve Faber, region manager in the company’s landscape management division. “We are excited about the positive impact he will undoubtedly make in steering our Mableton branch to new heights."
Paepke holds a bachelor’s degree in horticulture from West Virginia University and brings more than 16 years of landscape industry experience, including several years at Ruppert earlier in his career. He first joined the Ruppert team in 2008 as an intern in the Gainesville, Va., branch and then came on board full-time as a field manager for a few years before relocating to Dallas, Texas. Over the last decade, Paepke played a crucial role in establishing and expanding a thriving Dallas landscaping firm. Under his leadership, the firm grew to encompass 60 employees and achieved $8 million in revenue, offering comprehensive services in landscape maintenance, design and construction.
Ruppert Landscape has also expanded its landscape construction operations to include a permanent location in Charlotte, North Carolina. This branch joins 10 existing construction locations serving the State College (Pa.), Baltimore (Md.), Washington (D.C.), Manassas (Va.), Raleigh (N.C.), Charleston (S.C.), Atlanta (Ga.), Jacksonville (Fla.), Nashville (Tenn.), and Houston (Texas) markets.
Ruppert has been providing full-scope landscape construction services in Charlotte from the Raleigh (NC) branch since 2009. Ruppert established a Charlotte satellite operation in 2020 to more effectively take on large-scale projects in this market. At the time, the full-time staff consisted of 16 employees; four years later, the team has established a permanent presence and has grown to a team of 36. In converting from a satellite operation to a full-fledged branch, Ruppert hopes to put down roots and continue building ties to the Charlotte market.
Ruppert’s Charlotte construction branch provides comprehensive commercial landscape construction services, including estimating and pre-construction services; installation of landscape, hardscape, and special decorative structures; irrigation and water management; and turnkey project management. Ruppert is currently working on several projects in the region, including the Eli Lilly manufacturing facility, Radius Dilworth, and Modera LoSo, with upcoming projects including The Pearl, Hanover South End, and Ascent South End.
This location is led by Chris Southworth, who has recently been promoted to branch manager. In this position, his responsibilities include planning, budgeting, personnel development and ensuring customer satisfaction.
“Chris is a high-energy leader who really focuses on his people and taking care of customers. He sweats the small stuff and does a great job bringing people together,” said Bob Jones, president of Ruppert’s Landscape Construction Division. “We are excited to see him step into this new role and are confident in his ability to lead the Charlotte team as we continue to grow our presence in that market.”
Southworth holds a bachelor of science degree in horticulture from Eastern Kentucky University and has more than 20 years of construction industry experience. He joined Ruppert in 2011 and served four years as Senior Estimator in the North Carolina construction branch before relocating to the Texas construction branch to serve as a business developer. In 2021, he returned to North Carolina and was promoted to assistant branch manager to help oversee the Charlotte satellite operation.
