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Corporate News
THE HOME DEPOT TO ACQUIRE SRS The Home Depot has entered into a definitive agreement to acquire SRS Distribution Inc ., a residential specialty trade distribution company across several verticals serving the professional roofer , landscaper and pool contractor . SRS will accelerate The Home Depot ’ s growth with the residential professional customer . SRS complements The Home Depot ’ s capabilities and will enable the company to better serve complex project purchase occasions with the renovator / remodeler . With this acquisition , The Home Depot now believes its total addressable market is approximately $ 1 trillion , an increase of approximately $ 50 billion .
“ SRS ’ s branch network , coupled with The Home Depot ’ s 2,000-plus U . S . stores and distribution centers , comprehensive product offering , and extensive pro brands , provides the residential pro customer with more fulfillment and service options than ever before ,” said Ted Decker , chair , president and CEO of The Home Depot .
SRS ’ s 2,500-plus professional sales force and 760-plus branch network across 47 states , together with its 4,000- plus truck fleet and jobsite delivery capabilities , will enable The Home Depot to extend its offering to residential specialty trade pros while better serving renovator / remodelers .
“ This acquisition gives us an entry point into becoming a leading multitrade distributor to better serve the needs of specialty trade customers and a new avenue by which to serve the complex project ,” Decker said during a March 28 press conference to discuss the acquisition .
Under the terms of the merger agreement , a subsidiary of The Home Depot will acquire SRS for a total enterprise value ( including net debt ) of approximately $ 18.25 billion . The closing of the acquisition is subject to customary closing conditions , including regulatory approvals , and is expected to be completed by the end of fiscal 2024 .
CHERVON REPORTS 30 % REVENUE DECREASE In its announcement of financial results for the year ended Dec . 31 , 2023 , Chervon Holdings Limited , parent company of outdoor power equipment brand Ego as well as tool makers Flex and Skil , reported its “ revenue decreased by 30.9 % from $ 1,989.3 million in 2022 to $ 1,374.7 million ( USD ) in 2023 , primarily due to more conservative inventory policies adopted by our key customers caused by macroeconomic uncertainties and unfavorable weather in key geographic regions .”
Chervon reported its revenue from the outdoor power equipment segment decreased by 33.7 % from $ 1,223.5 million in 2022 to $ 811.4 million in 2023 , while revenue from our power tools segment decreased by 27.3 % from $ 754.9 million in 2022 to $ 548.5 million in 2023 . Chervon said that lithium-ion battery powered products accounted for approximately 82 % of the new products .
THUMBTACK PARTNERS WITH SERVICETITAN Tech company Thumbtack announced a partnership with ServiceTitan . This new integration will automatically send new customer requests and bookings from Thumbtack directly to the ServiceTitan booking . Projects are pre-populated with data like job type and customer information for faster , easier booking . The integration will also allow for improved data quality and accuracy , with requests automatically associated with existing customers in ServiceTitan so data is streamlined , and pros don ’ t have to navigate duplicate records .
Product News
SPARTAN MOWERS REVEALS 3 NEW UNITS “ For the last year , we ’ ve been focused on bringing new models to market that better suit the wants and needs of our customers ,” said John Swanson , General Manager at Intimidator Group . “ We ’ re excited to release three new machines that will do just that by expanding our lineup with two entry-level mowers and a new take on one of our bestsellers .”
New to Spartan ’ s lineup is the RZ-HD Blackout , a combination of the popular RZ-HD and the stealthy KGZ-XD Blackout . This model is covered with black powder coating and features a new decal package , a custom blackout suspension seat , and blacked out 24x12 rear radial tires . Available in a 54 or 61-inch deck with a 23-horsepower Kawasaki engine , the RZ-HD Blackout adds another level of style to Spartan ’ s mid-lineup .
Scheduled for release later in the spring are the new Spartan Shield and Defender models . The Shield offers 48 and 54-inch decks with a 23-horsepower Kawasaki engine , and 20-inch Carlisle Turf Armor rear tires . As the entry-level model for Spartan ’ s signature seven-gauge steel decks , the Defender offers three cutting widths of 48 , 54 , and 60 inches as well as three engine options with power ranging from 22 to 24 horses .
6 OPE + April 2024 www . OPE-Plus . com