Gypsum Management and Supply Inc. is telling employees, customers, and vendors that operations and leadership will remain unchanged for now, following its agreement to be acquired by SRS Distribution Inc., the distribution arm of The Home Depot in a deal valued at approximately $5.5 billion.
The transaction, announced June 30 and expected to close by January 31, offers GMS shareholders $110 per share in cash. According to the companies’ joint press release, the deal carries a total equity value of about $4.265 billion and an enterprise value of $5.5 billion, including net debt.
In a letter filed with the U.S. Securities and Exchange Commission, GMS CEO John Turner, Jr. told employees that the company’s leadership team will remain in place and that the company will continue to operate independently until the deal closes. Turner said he will continue leading GMS, which will report to SRS CEO Dan Tinker post-close.
An internal Q&A shared with employees stated that GMS’s current strategy and customer focus will not change in the near term, and that the company will remain separate from SRS and Home Depot until regulatory approval is obtained. “You should not expect any impact to your day-to-day responsibilities,” the company said.
GMS noted that branding and organizational decisions—such as whether subsidiaries will be renamed or restructured—have not been finalized. The company confirmed that no immediate changes to subsidiary brand names are planned.
Turner and GMS leadership said in the Q&A that while some integration planning will take place ahead of closing, no operational changes are permitted before regulatory clearance. GMS subsidiaries will continue to use their current systems, processes, and reporting structures during this period.
SRS, acquired by Home Depot in 2023, distributes roofing, landscaping, and pool products. The combination with GMS adds to Home Depot’s presence in the specialty trade segment. Together, SRS and GMS will operate more than 1,200 locations and run over 8,000 delivery trucks across the U.S. and Canada.
Turner held a virtual town hall with employees shortly after the announcement and said GMS would share updates as the transaction progresses.
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