GMS, Inc. to Home Depot, Inc.

Industrials/Jun 2025/Jefferies

Deal Information

Target

GMS, Inc.

Acquiror

Home Depot, Inc.

Sector

Target Type

Public

Acquiror Type

Strategic

Advisors

Jefferies

Enterprise Value

$5.6B

EV / LTM Sales

EV / LTM EBITDA

11.1x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV / LTM Adjusted EBITDA selected range: 8.5x - 10.5x

11 comps


	Apr 2025	Beacon Roofing Supply, Inc.	QXO Building Products, Inc.	-	-	-	-
-	Oct 2023	US LBM Holdings LLC (co-controlling equity stake)	Platinum Equity, LLC	-	-	-	-
-	Dec 2020	Beacon Roofing Supply, Inc. (interior products business)	American Securities LLC	-	-	-	-
	Nov 2020	Foundation Building Materials, Inc.	American Securities LLC	-	-	-	-
-	Nov 2020	US LBM Holdings LLC	Bain Capital LP	-	-	-	-
-	Apr 2018	WSB Titan, Inc.	GMS Inc.	-	-	-	-
-	Jan 2018	A.H. Harris & Sons, Inc.	HD Supply Holdings, Inc.	-	-	-	-
	Aug 2016	L&W Supply Corporation	ABC Supply Co, Inc.	-	-	-	-
-	Jul 2016	Superior Plus Corp. (construction products distribution business)	Foundation Building Materials, LLC	-	-	-	-
-	Aug 2015	FBM Intermediate Holdings, LLC	Lone Star Funds	-	-	-	-
-	Feb 2014	GMS Inc.	AEA Investors LP	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Jefferies	10.5% – 11.5%	Perpetuity growth	2.0% – 3.0%	GMS management financial forecasts and estimates	fiscal years ending April 30, 2026 through April 30, 2030	Open