MARCH 28, 2024

SRS Distribution Inc. (“SRS”) announced today that it has entered into a definitive agreement with The Home Depot to be acquired for $18.250 billion. Under the terms of the agreement, SRS Distribution will operate as an independent business unit within The Home Depot, focused on accelerating growth in the Pro market.

Over the past 16 years, the SRS family has become one of the fastest-growing building products distributors in the United States. This proposed transaction will bring together the impressive talent, technology, and capabilities of SRS with The Home Depot’s trusted name and robust platform, expanding SRS’ reach into numerous new product categories and customers.

The proposed acquisition will clear a pathway for accelerated growth with the residential and commercial professional customer by expanding The Home Depot’s Pro capabilities, combining online, retail, and wholesale. The combined platform will open new opportunities for existing suppliers and partners by providing access to SRS’ expert workforce focused on specialty verticals, as well as The Home Depot’s cross-project expertise, product mix, network, and digital assets.

Under the agreement, the SRS senior leadership team will remain with the company to guide its ambitious growth plans. Dan Tinker, President and CEO of SRS, will continue to lead SRS operations under this new structure, reporting to The Home Depot CEO Ted Decker.

“We are proud to be combining with The Home Depot to continue our growth journey with the additional resources and capabilities they will put behind us,” said Dan Tinker, President and CEO of SRS. “We set out to find the optimal strategic outcome for the business, and we strongly believe we have achieved just that. With this combination, the future has never been brighter for our supplier partners, our Pro customers, and our team.”

“SRS’ ability to build leadership positions in each of its trade verticals while generating significant revenue growth is a testament to its strong vision, leadership, culture, and execution,” said Ted Decker, Chair, President, and CEO of The Home Depot. “SRS’ branch network, coupled with The Home Depot’s 2,000+ U.S. stores and distribution centers and comprehensive product offering provides the residential and commercial Pro customer with more fulfillment and service options than ever before. I look forward to welcoming Dan and the entire SRS team to The Home Depot and capturing the exciting opportunity ahead.”

SRS Distribution currently has two private equity investors: Berkshire Partners LLC. (since 2013) and Leonard Green & Partners L.P. (since 2018). “Over the past 16 years, SRS Distribution has successfully grown its business while delivering tremendous shareholder value to its investors and, more uniquely, to
its employees,” said Jon Seiffer, Senior Partner at Leonard Green. “This next chapter with The Home Depot is a logical step in SRS’ evolution and will mutually benefit both companies’ growth prospects for the benefit of all employees, customers, and suppliers,” said Josh Lutzker, Managing Director at Berkshire Partners.

The transaction is expected to close by the end of fiscal 2024 and is subject to regulatory approvals and other customary closing conditions. Jefferies LLC. is acting as lead financial advisor, and Goldman Sachs is also acting as financial advisor to SRS on this transaction.

About SRS Distribution

Founded in 2008 and headquartered in McKinney, Texas, SRS Distribution has grown to become one of the fastest-growing building products distributors in the United States. Since the Company’s inception, it has established a differentiated growth strategy and entrepreneurial culture that is focused on serving customers, partnering with suppliers, and attracting the industry’s best talent. SRS Distribution currently operates under a family of distinct local brands encompassing more than 760 locations across 47 states. SRS Distribution is a portfolio company of Leonard Green & Partners, L.P. and Berkshire Partners LLC. For more information, visit www.srsdistribution.com.

Pentair (NYSE: PNR), a leader in helping the world sustainably move, improve, and enjoy water, is honored to receive the 2024 ENERGY STAR^® Partner of the Year – Sustained Excellence Award from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy. This is the twelfth consecutive year Pentair has received this award.

Pentair has been named an ENERGY STAR Partner of the Year for twelve consecutive years. (Graphic: Business Wire)

“Pentair strives to create a better world for people and the planet through smart, sustainable water solutions that improve energy and water efficiency and improve customer outcomes,” said Karla Robertson, EVP, General Counsel, Secretary and Chief Social Responsibility Officer. “We are proud to provide our customers with energy-efficient products and are extremely honored to once again receive the ENERGY STAR Partner of the Year Award in recognition of our continued collaboration with the EPA.”

A Legacy of Energy Excellence in the Pool Industry

Pentair was the first manufacturer of pool equipment to receive ENERGY STAR certification for its variable speed pool pumps and has been named an ENERGY STAR Partner of the Year consecutively each year since 2013—longer than any other manufacturer in the pool industry. In 2023, Pentair offered 29 ENERGY STAR certified pool pump models helping U.S. consumers save approximately 782 million kWh of energy, resulting in greenhouse gas (GHG) emissions reductions of 554,485 metric tons of CO2 and saving $118 million in energy costs.* Since 2005, Pentair ENERGY STAR pool pumps have been responsible for a cumulative 45 billion kWh of energy savings,** 19.5 million metric tons of CO2 emissions reduction and $6.8 billion in operating cost savings for consumers.***

Championing Energy Savings in the Commercial Ice Industry

Manitowoc Ice from Pentair Water Solutions, a leading provider of commercial ice makers, has been a key contributor to ENERGY STAR Partner of the Year award winners for 15 consecutive years. With 68 ENERGY STAR certified models, Manitowoc Ice is a trailblazer in providing energy-efficient, high-quality ice-making solutions. In 2023, Manitowoc sales of ENERGY STAR ice makers helped customers save over 28.6 million kWh of energy, enough to provide electricity to 3,940 homes for a year, according to the United States Environmental Protection Agency (EPA).****

Every year, the ENERGY STAR program recognizes prominent companies and entities for their exceptional efforts in advancing towards a sustainable energy economy. Winners of the ENERGY STAR awards are at the forefront of their respective sectors in promoting and crafting energy-efficient products for industrial, commercial, and residential purposes. These initiatives play a crucial role in combating the climate crisis, safeguarding public well-being, and fostering a sustainable energy landscape for all. Winners are selected from a network of thousands of ENERGY STAR partners. For a complete list of 2024 winners and more information about ENERGY STAR’s awards program, visit energystar.gov/awardwinners.

To learn more about Pentair’s efforts to support a more sustainable future, visit pentair.com/impact. In addition, the Company’s 2023 Corporate Social Responsibility Report further highlighting how Pentair is Making Better Essential for people and the planet is planned for release this spring.

*Greenhouse Gas Equivalencies Calculator

**How Much Electricity Does an American Home Use? U.S. Energy Information Administration

***2021 Total Electric Industry – Average Retail Price

****ENERGY STAR® Certified Automatic Commercial Ice Makers

ABOUT PENTAIR

At Pentair, we help the world sustainably move, improve, and enjoy water, life’s most essential resource. From our residential and commercial water solutions, to industrial water management and everything in between, Pentair is focused on smart, sustainable water solutions that help our planet and people thrive.

Pentair had revenue in 2023 of approximately $4.1 billion, and trades under the ticker symbol PNR. With approximately 10,500 global employees serving customers in more than 150 countries, we work to help improve lives and the environment around the world. To learn more, visit www.pentair.com.

ABOUT ENERGY STAR

ENERGY STAR^® is the government-backed symbol for energy efficiency, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of organizations—including nearly 40% of the Fortune 500®—partner with ENERGY STAR. Together with EPA, they deliver cost-saving energy efficiency solutions that protect the climate, improve air quality, and protect public health. Since 1992, ENERGY STAR and its partners helped American families and businesses avoid more than $500 billion in energy costs and achieve more than 4 billion metric tons of greenhouse gas reductions. More background information about ENERGY STAR’s impacts can be found at www.energystar.gov/impacts.

SAN DIEGO – March 26, 2024 – Fluidra, a leading global provider of residential and commercial pool and wellness equipment, has been recognized by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy as a 2024 ENERGY STAR Partner of the Year. This prestigious award honors organizations that have made outstanding contributions to protecting the environment through energy efficiency achievements.

“Receiving the ENERGY STAR Partner of the Year award is a testament to our unwavering commitment to sustainability and energy efficiency,” said Lennie Rhoades, President of Fluidra North America. “This prestigious recognition underscores our dedication to environmental preservation and innovation, driving us to continue leading the way towards a more sustainable future.”

Each year, the ENERGY STAR program honors a select group of businesses and organizations that have made outstanding contributions to energy efficiency and the transition to a clean energy economy. ENERGY STAR award winners lead their industries in the production, sale, and adoption of energy-efficient products, homes, buildings, services, and strategies. These efforts have saved more than 5 trillion kilowatt-hours of electricity over the past 30 years.

In addition to our robust lineup of ENERGY STAR certified pool pumps, Fluidra has demonstrated its contributions with a complete equipment offering that’s designed to operate more efficiently.  Some of their most popular products feature innovative technologies that aim to reduce energy use, such as the JXi™ Gas Pool Heater that introduced VersaFlo™ Bypass Technology to circumvent the heat exchanger and the Versa Plumb® System — a complete equipment setup that’s engineered to reduce operational pool costs and improve hydraulic efficiency. And, last year they announced they were transitioning away from high-energy consuming incandescent lights in favor of LED lighting.

The company has also showcased its environmental stewardship with initiatives that help offset its day-to-day emissions, including planting over 25,000 trees globally and installing solar panels on their rooftop. These efforts have not only reduced the company’s carbon footprint but also saved energy and resources, leading to significant cost savings.

“President Biden’s Investing in America agenda creates unprecedented opportunity to build a clean energy economy, and private sector partners through programs like ENERGY STAR are leading the way,” said EPA Administrator Michael S. Regan. “I congratulate this year’s ENERGY STAR award winners for their innovation and leadership, in delivering cost-effective energy efficient solutions that create jobs, address climate change, and contribute to a healthier environment for all.”

Winners are selected from a network of thousands of ENERGY STAR partners. For a complete list of 2024 winners and more information about ENERGY STAR’s awards program, visit energystar.gov/awardwinners.

About Fluidra

Fluidra is a publicly listed company focused on developing innovative products, services and IoT solutions for the residential and commercial pool markets, globally. The company operates in over 45 countries and owns a portfolio of some of the industry’s most recognized and trusted brands, including Jandy^®, Polaris^®, S.R.Smith^®, and Cover-Pools^®. To learn more about Fluidra, visit fluidrausa.com or call 800-822-7933.

About ENERGY STAR

ENERGY STAR^® is the government-backed symbol for energy efficiency, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Since 1992, ENERGY STAR and its partners helped American families and businesses avoid more than $500 billion in energy costs and achieve more than 4 billion metric tons of greenhouse gas reductions. More background information about ENERGY STAR’s impacts can be found at www.energystar.gov/impacts.