The Home Depot is buying back HD Supply Holdings Inc., a distributor of fasteners, plumbing parts, chain and other hardware.
The distributor was part of the big box hardware retailer in the past, and relies on Home Depot for about 98 percent of its yearly business, according to a press release from both companies.
Neither company has publicized details of the deal, which should be finalized by the end of the fiscal year, the press release says. HD Supply was Home Depot’s 2013 Hardware Vendor of the Year.
“After a detailed evaluation, we determined that selling our Hardware Solutions business is in the best interests of our associates and HD Supply shareholders,” Joe DeAngelo, chief executive officer of HD Supply, says in the press release. “HD Supply Hardware Solutions and The Home Depot have a long-standing and natural partnership.”
To read the press release, click here.