The Home Depot will acquire Irving, Texas-based U.S. Home Systems, the retailer’s exclusive provider of kitchen and bath refacing products and services, as well as closet and garage organizational systems.
The $93.4 million deal was unanimously approved by USHS’s board of directors and is expected to close by the end of the calendar year. Under the terms of the agreement, The Home Depot will acquire USHS for $12.50 per share in cash, which represents an approximately 38% premium over USHS' closing price on the NASDAQ Global Market on Aug. 6, 2012.
"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann, senior VP Home Services, The Home Depot.
The Home Depot also recently acquired former supplier MeasureComp, which provides a floor plan measuring service. The acquistion was announced during the retailer's last earnings call.