Atlanta, The Home Depot announced an agreement to acquire the Orlando, Fla.-based construction, repair and maintenance-products distributor Hughes Supply Inc. The deal is valued at $3.47 billion, including the assumption of $285 million in net debt.
The addition of Hughes Supply will double the size of The Home Depot Supply division. Combined annual sales are estimated to be near $12 billion. Hughes, which operates more than 500 stores in 40 states, gathered revenues of $4.4 billion in its last fiscal year.
In a separate deal, Home Depot purchased Chem-Dry, a Logan, Utah-based provider of carpet and upholstery cleaning. Terms of the deal are undisclosed. Home Depot said it has not yet decided if the Chem-Dry locations will carry The Home Depot name.