Home Depot’s latest deals show strategic changes in M&A

That’s the topic my colleague Phil Waba explores in a new one. luck article. Home Depot, No.24 With Fortune 500 announcement This week, one of its business units is acquiring a building product distributor. GM (Gypsum Management and Supply) Wins the bidding war for around $4.3 billion. The deal follows the $18 billion acquisition of last year’s SRS distribution (an entity that actually buys GMS). This is the largest acquisition in the company’s history.

According to Wahba, these acquisitions indicate a change in Home Depot’s strategy. In the first quarter of the current fiscal year, sales in U.S. stores increased at least a year, highlighting the need for changes.

“Home Depot is widely regarded as one of the most successful retailers of the past 20 years, a skillful use of the hot housing market that has led to more people renovating their homes,” writes Wahba. The company now expects future growth to grow increasingly, not just from the 2,000 major stores serving DIY customers, but also from the bulk orders put by experts for more complex projects such as roof repairs.

Based in Georgia, GMS operates a network of approximately 320 distribution centers that provide wallboards, ceilings, steel framing and other construction materials. It also operates around 100 tool sales, rental and service centres for residential and commercial contractors, according to Wahba.

Home Depot has long been thoughtful about M&A strategies, and Wahba is the discipline that helped Archrival Lowe outperform sales growth. you can Read the full article here.

Home Depot is not the only major US company operating in M&A this year. For example, Tech Giant HPE (Hewlett Packard Enterprise) announced its acquisition on Wednesday. Juniper Network About $14 billion. “This strategic transaction positions HPE by accelerating conversion into a high-growth portfolio with a higher margin for long-term, profitable revenue growth,” said HPE CFO Marie Myers. LinkedIn Post.

According to PWC’s PWC, the Americas acquired a trading value of $908 billion in the first half of 2025 (61% of total). Middle-aged M&A update.

Meanwhile, Bain & Company Report Some companies have not derailed M&A activities by not allowing tariffs or the change in the global order of the economy they represent.

With a focus on disciplined trading and long-term growth, many companies set themselves up to thrive.

The next CFO Everyday will be in your inbox on Monday. Enjoy July 4th holiday.

Cheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

The power of the Fortune 500 moves

Jesus “Jay” Marav He has been appointed Boeing EVP and CFO (No. 63), effect on August 15th. Brian West, who has served as Boeing CFO for the past four years, will become Senior Advisor to Boeing President and CEO Kelly Autoberg. Malave was recently CFO for Lockheed Martin, but before that he held SVP and CFO positions at L3Harris Technologies. He spent more than 20 years at United Technologies Corporation, including serving as Vice President and CFO of Carrier Corporation and CFO of UTC Aerospace Systems when he was an operating unit at UTC.

Every Friday morning, the weekly Fortune 500 Power Moves column tracks the Fortune 500 Company C-Suite Shifts–See the latest edition

More remarkable moves this week

Brian Musfeldt He was appointed CFO of Stem, Inc. (NYSE: STEM), AI-driven clean energy software and service provider, July 17th. Musfeldt is the successor to Doran Hole, who has resigned as CFO and EVP in pursuit of other interests. Musfeldt served as CFO CFO from 2017 to 2023 before returning to STEM and contributed to the sale to STEM in 2022. He has nearly 30 years of experience.

Andrea Courtwa He was appointed SVP and CFO of Kirkland’s, Inc.It will come into effect on July 21st. Courtwa plans to pursue other opportunities but will remain in advisory until August 15th. Courtwa brings over 20 years of financial expertise. She recently served as Vice President of Financial Planning and Analysis for Francesca, following her duties in financial leadership roles at La Senza, Lane Bryant and the End of Lands.

Brad Derms He was named CFO of Jade Biosciences, Inc. (NASDAQ: JBIO), biotechnology company. DAHMS was recently CFO and Chief Business Officer of IDRX, a clinical stage oncology company. Before that, he served as CFO of Theseus Pharmaceuticals, where he led the company’s first public offering and sales to Concentra Biosciences. He began his career in healthcare investment banking, where he played roles at Cantor Fitzgerald, RBC Capital Markets and JP Morgan.

Pierre Revol He was appointed CFO of FrontView Reit, Inc. (NYSE: FVR) takes effect on July 21st. Revol brings over 20 years of experience. Most recently he served as SVP of Kirsne’s capital markets. Previously, Revol was Spirit Realty Capital, Inc. He was the SVP of Corporate Finance and Investor Relations.

Mark Grasso He was appointed CFO of Kyverna Therapeutics, Inc. (NASDAQ: KYTX) is a clinical stage biopharmaceutical company, June 30th. He replaces Ryan Jones, who moves into the role of strategic advisor. Recently, Grasso is Alector, Inc. He was the CFO of Prior to that, he served as CFO status and Chief Business Officer of Kura Oncology.

A big deal

Debt burdens will increase for US companies rated in the first quarter, according to S&P Global Market Intelligence Data. Total debt accounted for a large portion of shareholders’ equity in the first quarter compared to the previous quarter of both non-financial investment grade and non-investment grade companies in the United States.

The debt-to-fairness ratio for median non-financial investment grade companies rose 131 basis points over the quarter to reach 85.10%. Investment grade companies are defined as BBB or higher as rated by the S&P Global Assessment. Increases in debt and fairness were less pronounced in non-investment-level companies, with median ratios ranging from 117.5% to a maximum of 117.6%.

Go deep

There are four here luck Weekend Reading:

“Mooch’s Act 2: Anthony Scaramucci’s unlikely quest to transcend Trump and transform AmericaBy Jeff John Roberts

“Tesla’s sales recovery is dependent on low-cost cars that are behind schedule – with new models, things will only get worse“” Christiaan Hetzner

“The Barclays name is co-operating with the names of Anne Marie Darling, who retired from Goldman Sachs in 2024.” By Luisa Beltran

“Mastering AI at work: A practical guide to using chatgpt, gemini, claude, and more“Preston Fore

I’ve heard it

“2025 was an inflection year within enterprise-generated AI, as true adoption began to move from idea to scale.”

– Wedbush Securities Tech analyst wrote in an industry memo on Tuesday.