SRS Distribution agrees to buy HVAC distributor Mingledorff's, lifting Home Depot's addressable market to $1.2 trillion

Home Depot's subsidiary SRS Distribution agreed on March 24, 2026 to acquire Mingledorff's, a wholesale HVAC equipment, parts and supplies distributor with 42 locations in five southeastern states. The company estimates HVAC distribution at about $100 billion of addressable market and says the deal lifts its total addressable market to $1.2 trillion. Financial terms were not disclosed, and the company said it would fund the deal with cash and debt and does not expect it to affect its 2.0x leverage target, which it expects to reach by the end of the second quarter of fiscal 2027.

• Target: Mingledorff's, Inc., 42 locations across five southeastern U.S. states, founded 1939
• Buyer: SRS Distribution Inc., a Home Depot subsidiary
• HVAC distribution cited as an addressable market of about $100 billion
• Total addressable market rises to $1.2 trillion; financial terms not disclosed
• Expected close in fiscal Q2 2026, subject to regulatory approvals