SRS Distribution Inc., a subsidiary of Home Depot Inc. (HD), said on Monday, Aug. 10 that it has entered an agreement to acquire Lohmiller & Co., a Denver-based wholesale distributor of heating, ventilation and air conditioning equipment, parts and supplies.
The transaction adds Lohmiller, which does business as Carrier West, to SRS’ expanding HVAC platform. The Colorado company has four locations in the state and 220 employees. SRS said Tim Brooks, Mark Brown and Roger Lee will continue to lead the business after the deal, which will provide continuity for customers, suppliers and employees.
Financial terms were not disclosed. The Deal reported in April that Lohmiller was exploring a sale. According to that report, Lohmiller generates about $20 million of EBITDA, and sources said the company could fetch at least $250 million. Lohmiller retained Carter Morse & Goodrich, a boutique investment bank based in Southport, Conn., to conduct talks with third parties at that time.
Founded in 1990, Lohmiller serves residential and commercial customers across Colorado and is owned and operated by Brooks, Brown, and Lee. The company distributes a full suite of Carrier Global Corp. (CARR) residential, light commercial and applied HVAC products.
SRS CEO Dan Tinker in the statement said Lohmiller will become the second addition to the company’s developing HVAC platform following its recent acquisition of Mingledorff’s Inc., a Southeast HVAC distributor. (I covered that story earlier this year, as linked.)
HVAC distribution has been one of the most active areas of the broader distribution market, supported by stable demand for services and growth tied to data center construction. Dealmakers have said valuations for HVAC distribution assets have increased as private equity demand has risen, with scaled assets able to trade in the mid-teens of EBITDA and smaller assets often fetching 6 to 10x EBITDA.
SRS was founded in 2008 and distributes building products across North America. The company operates more than 1,300 locations in the U.S. and Canada under a family of local brands.
Home Depot completed its acquisition of SRS in 2024 for about $18.25 billion, including debt. The deal expanded Home Depot’s presence with professional customers and added a major specialty distribution platform across roofing, landscaping and pool products.
