Lowe’s Acquires Foundation Building Materials for $8.8B

Lowe's announced on Oct. 9 that it has completed its acquisition of Foundation Building Materials, a products distribution company with more than 370 locations in the U.S. and Canada. 

The $8.8 billion deal is expected to help Lowe’s expand its services for pro customers by giving them a larger product assortment, faster fulfillment, improved digital tools, and a robust trade credit platform.

“Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large pro customers,” Marvin. R. Ellison, Lowe's chairman, president, and CEO, said in a news release. “Lowe's will be well-positioned to expand our market penetration and capitalize on the expected recovery in housing.” 

FBM will continue to be led by its founder, Ruben Mendoza, and its senior leadership team with more than 200 years of combined industry experience. Together with Lowe's, the FBM team said it will remain dedicated to delivering outstanding service for their pro customers.