Lowe’s has officially closed its acquisition of Foundation Building Materials (FBM), a deal first announced in late August and valued at approximately $8.8 billion.
The move strengthens Lowe’s position with professional customers by expanding its reach and product offerings.
FBM operates 370 locations across the US and Canada and distributes materials such as metal framing, insulation, ceiling systems, commercial doors, and hardware, key supplies for construction and commercial projects.
“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,” said Marvin Ellison, CEO of Lowe’s.
According to Lowe’s, FBM will allow the company to offer a wider product assortment, faster fulfillment, enhanced digital tools, and a trade credit platform.
It also significantly extends Lowe’s footprint among professional customers, particularly in California, the Northeast, and the Midwest.
FBM will continue operating under its existing leadership, including founder Ruben Mendoza and the company’s senior management team.
The transaction follows Lowe’s June acquisition of Artisan Design Group, another move aimed at strengthening its professional services and construction capabilities.
“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 US by 2033,” Ellison said.
“By expanding our Pro penetration, we also expect to drive more sustainable sales and profit expansion and deliver long-term shareholder value.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
