Lowe’s sells its Canadian retail business

Lowe’s Boucherville, QC head office.

Boucherville, QC-based Lowe’s Companies, Inc. is selling its Canadian retail business to private equity firm Sycamore Partners.

Lowe’s Canadian retail business operates or services approximately 450 corporate and independent affiliate dealer stores under the banners Lowe’s, RONA, Réno-Dépôt and Dick’s Lumber.

New York, NY-based Sycamore Partners specializes in retail, consumer and distribution-related investments.

According to Marvin Ellison, Lowe’s chairman, president and CEO, “The sale of our Canadian retail business is an important step toward simplifying the Lowe’s business model. We remain confident in our short and long-term outlook for the U.S. business, underscored by improved sales trends and strong profit flow-through in the third quarter, as well as our expectations for solid business performance for the remainder of 2022.”

Stefan Kaluzny, managing director of Sycamore Partners, says the company will partner with Lowe’s to “establish Lowe’s Canada and RONA as a standalone company headquartered in Boucherville, Quebec. We look forward to working with the company’s management team to build on its 83-year history as a leading Canadian home improvement business serving families, builders, and contractors in their communities across the country.”

The transaction is expected to close in early 2023.

Lowe’s Companies, Inc.

Sycamore Partners

 

 

 

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