IDG, which was created by Mill Point last year in a melding of other acquisitions, has about 1,000 employees. It owns Construction Resources, a distributor of products for flooring, walls, countertops, decking and fireplaces with 39 showrooms mainly in Georgia, Florida and the Carolinas.
Home Depot, which is based in Vinings, has 2,333 retail stores and about 470,000 employees. The company’s revenues last year were about $150.7 billion, more than twice as much as its chief rival, Lowe’s Co.
Mill Point, which has about $2.5 billion in assets, has completed about 80 acquisitions, officials said.
While Home Depot is known for appealing to do-it-yourselfers, it makes roughly half its sales to professionals and contractors and believes there is an enormous potential for taking more by offering more options on the path from design to installation.
Professionals spend an estimated $475 billion a year, Home Depot said.
“The acquisition combines Construction Resources’ expertise in complex, cross-category professional projects with the Home Depot’s scale, product authority and distribution expertise,” Home Depot said in a statement.
Despite the relatively brief relationship, Mitch Hires, chief executive of IDG, praised Mill Point. “With their guidance and support, we have successfully completed many initiatives that have grown the business meaningfully,” he said in a statement.
Home Depot’s reach offers the chance to become the top supplier to professional customers, he said.
Officials said the deal will close by year’s end.