Lowe's Completes Acquisition Of Foundation Building Materials

Lowe's Companies, Inc. ("Lowe's" or the "Company") (NYSE: LOW) today [9th October] announced that the Company has completed its previously announced acquisition of Foundation Building Materials ("FBM"), an industry-leading building materials and construction products distribution company with over 370 locations across the United States and Canada.

The acquisition of FBM is expected to enhance Lowe's offering to Pro customers through an expanded product assortment, faster fulfillment, improved digital tools, and a robust trade credit platform. It will provide Lowe's with significant growth opportunities to expand our Pro footprint, given its complementary presence in key geographies like California, the Northeast and the Midwest. It also creates significant cross-selling opportunities between FBM and Lowe's as well as the recently acquired Artisan Design Group ("ADG").

"Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large Pro customers within a $250 billion total addressable market. We would like to extend a warm welcome to the FBM team, and we look forward to building on their proven track record of profitable growth," said Marvin. R. Ellison, Lowe's chairman, president, and CEO. "Together with our recent acquisition of ADG, we are creating a comprehensive interior solutions platform to better serve the homebuilder. With these acquisitions, Lowe's will be well-positioned to expand our market penetration and capitalize on the expected recovery in housing, with an estimated 16 million new homes needed in the U.S. by 2033. By expanding our Pro penetration, we also expect to drive more sustainable sales and profit expansion and deliver long-term shareholder value."

As previously announced, FBM will continue to be led by its founder, Ruben Mendoza, and its senior leadership team with over 200 years of combined industry experience. Together with Lowe's, the FBM team will remain dedicated to delivering outstanding service for their Pro customers.

Advisors
Goldman Sachs & Co. LLC and Centerview Partners LLC are acting as financial advisors to Lowe's. Freshfields LLP is acting as legal advisor to Lowe's. RBC Capital Markets is acting as sole financial advisor to FBM. Weil, Gotshal & Manges LLP is acting as legal advisor to FBM.

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.

About FBM
Founded in 2011 and headquartered in Santa Ana, California, FBM is an industry-leading building materials and construction products distribution company. With over 370 locations across the U.S. and Canada, FBM has an expansive North American reach with a mission to serve the changing needs of the professional construction trades. For more information, visit www.fbmsales.com.

Source : Lowe's 

Image : Lowe's

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