Atlanta-based Home Depot is moving into the materials market for professional contractors. Bloomberg reports the hardware chain has paid $3.19 billion for Orlando, Fla.-based Hughes Supply Inc.

Hughes, which sells construction materials and products, has more than 500 locations in 40 states, mostly in the south, Home Depot said in a statement. The price is a 21 percent premium on the closing price of the stock.

“By acquiring Hughes Supply, we continue to execute our growth strategy laid out five years ago to enhance our core retail business, extend our business into adjacent areas and expand into new markets,” Home Depot CEO Bob Nardelli said.

That strategy is to expand from the do-it-yourselfer market to major materials supply because the 2000-store chain has just about saturated the retail market. A few of those stores are in Las Vegas.

The company recently bought National Waterworks Holdings Inc., which sells pipes, valves and other water-system parts. And just yesterday, Home Depot bought the carpet-cleaning franchise Chem-Dry from private equity investors.