Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
U.S. Home Systems makes kitchen and bath remodeling products.
The Home Depot Inc. is buying U.S. Home Systems Inc., an exclusive supplier of kitchen and bath remodeling products to the home improvement retailer, for $93.4 million, Home Depot announced today.
Home Depot, No. 42 in the Internet Retailer Top 500 Guide, is paying $12.50 per share for U.S. Home Systems, which has 7.47 million outstanding shares. That price is a 38% premium over U.S. Home Systems’ closing price of $9.06 on Aug. 6. Home Depot expects to close the deal by the end of 2012.
A Home Depot supplier for more than 10 years, U.S. Home Systems makes products to reface kitchen and bath cabinets, and closet and garage organizational shelving and racks. It also provides installation services.
“By formally bringing U.S. Home Systems into the Home Depot family we expect to further enhance our customers’ home service experience,” says Kevin Hofmann, Home Depot senior vice president of home services. “Strategically we want to unify our customers’ home services experience under The Home Depot brand,” a Home Depot spokeswoman says.
In 2011, Home Depot’s web sales totaled an estimated $634 million, according to the Top 500 Guide.