FTC Approves HD Supply Sale
FTC Approves HD Supply Sale
Jason Sandefur
Home Depot got approval from the Federal Trade Commission to sell its fastener businesses as part of a roughly $10.3 billion deal by three private equity firms to acquire HD Supply, the wholesale distribution arm of Home Depot, according to Reuters.
HD Supply includes three fastener companies that Home Depot acquired in 2005 and 2006: Crown Bolt, Brampton Fastener (Brafasco) and Western Fasteners.
Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice are now cleared to buy the division.
HD Supply has nearly 1,000 locations in the U.S and Canada with more than 26,000 employees. The division sells to the infrastructure, construction and maintenance supply industries. HD Supply reported revenue of $12.1 billion in 2006, about 13% of overall Home Depot sales.
Just months after renaming its wholesale business HD Supply, the home improvement retailer announced in February it was considering options including selling, spinning off or a public offering of the wholesale business to focus on retail business. BR>The company launched the supply business in 1997 and expanded it by paying $3.2 billion for Hughes Supply in 2006. Web: hdsupplyinc.com �2007 FastenerNews.com
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