The Home Depot and White Cap in Acquisition of Construction Supply Business
February 28, 2005
Cleary Gottlieb represented The Home Depot and its subsidiary, White Cap Construction Supply, in White Cap’s acquisition of two closely held construction supply businesses, Greenwald Supply and Greenwald Industrial Products Co. The transaction constitutes part of The Home Depot’s strategy to expand its professional customer market.
With revenues of approximately $100 million, the Greenwald businesses have leading market positions in the Mid-Atlantic region. White Cap is a leading distributor of specialty hardware, tools and materials to large and medium-size construction contractors. The Greenwald acquisition increases White Cap’s market share and adds additional Maryland and Virginia locations to its existing base of 80 branches nationwide.
The Home Depot is the world’s largest home improvement specialty retailer and the second largest retailer in the US, reporting $73.1 billion in revenues for fiscal 2004. Cleary previously represented The Home Depot in its May 2004 acquisition of White Cap.