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Home Depot to Buy EnerBank USA, Cox Lumber Co.

The Home Depot, Atlanta, agreed to acquire EnerBank USA from CMS Energy. EnerBank USA provides home improvement loans, which remodeling and trade contractors can offer their customers. EnerBank originates loans used for home improvement projects like window replacements, heating and air conditioning upgrades and landscaping.
May 12, 2006
2 min read

The Home Depot, Atlanta, agreed to acquire EnerBank USA from CMS Energy. EnerBank USA provides home improvement loans, which remodeling and trade contractors can offer their customers. EnerBank originates loans used for home improvement projects like window replacements, heating and air conditioning upgrades and landscaping.

"This acquisition is another part of our strategy to expand our business and relationships with professional customers," said Frank Blake, executive vice president, business development and corporate operations for The Home Depot.

EnerBank employed 37 associates and had net loan assets totaling $76 million at the end of fiscal 2005, Home Depot said.

The proposed acquisition follows Home Depot Supply’s announcement Williams Brothers. Lumber Co., a business of Home Depot Supply, has acquired Cox Lumber, an independently owned lumber and building materials dealer with about $400 million in sales last year.

"As part of the Home Depot Supply family, Williams Brothers and Cox Lumber are an important part of The Home Depot’s growth in the $410 billion professional supply market," Home Depot said in a media statement.

"The acquisition will significantly increase the size of Williams Brothers and extend its reach into key growth markets in Florida and the Southeast," according to the statement.

The company recently paid $3.5-billion for Orlando-based Hughes Supply and is figuring out how to integrate the company into its Home Depot Supply unit.