Why This Matters to Distributors: The Home Depot’s entry into HVAC distribution through Mingledorff’s follows its established playbook of using SRS to acquire specialty trade categories one vertical at a time, steadily assembling a one-stop platform for professional contractors that competes directly with independent wholesale distributors on product breadth, geographic reach and customer convenience.
SRS Distribution Inc., a wholly owned subsidiary of The Home Depot Inc., has completed the acquisition of Mingledorff’s LLC, a leading wholesale distributor of heating, ventilation and air conditioning equipment, parts, and supplies with 42 locations across five southeastern states.
The deal, first announced March 24, adds HVAC distribution as a new vertical for SRS and expands The Home Depot’s total addressable market to $1.2 trillion. HVAC distribution alone represents a total addressable market of approximately $100 billion, according to the companies.
The acquisition extends a strategy The Home Depot has pursued aggressively since acquiring SRS in 2024, when the home improvement retailer established a foothold in specialty trade distribution spanning roofing and building products, interior and construction products, and landscape and pool. Mingledorff’s, founded in 1939 and headquartered in Peachtree Corners, Ga., adds product expertise and established customer relationships in a category SRS had not previously served.
“The addition of Mingledorff’s represents another key milestone in our strategy to better serve the Pro with the most comprehensive product and service offerings,” said Ted Decker, chair, president, and CEO of The Home Depot. “Adding this premier HVAC platform strengthens SRS’s high-growth distribution engine and allows us to provide a more complete range of inventory and expertise for our Pro customers.”
SRS CEO Dan Tinker said the integration centers on customer experience and network scale. “By bringing Mingledorff’s deep HVAC expertise into our national network, we’re providing Pros with even greater convenience and more ways to grow their businesses through a single, reliable partner,” Tinker said.
At the end of fiscal 2025, The Home Depot operated more than 1,250 SRS locations across all 50 states and five Canadian provinces. Mingledorff’s 42 southeastern locations deepen SRS’s presence in a region with significant residential and commercial construction activity.
For wholesale distributors, the Mingledorff’s acquisition is the clearest signal yet of how aggressively The Home Depot is using SRS as a platform to penetrate specialty trade channels that independent distributors have traditionally controlled. HVAC distribution, with its recurring parts and supplies demand and deep contractor relationships, fits the same acquisition pattern SRS has applied to roofing, lumber, and pool. Each deal makes SRS a more complete supplier to the professional contractor and narrows the product categories where independent distributors hold a structural advantage.
Financial terms of the transaction were not disclosed.
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