Lowe’s closes on deal to acquire Foundation Building Materials

Core Insights - Lowe's has completed the acquisition of Foundation Building Materials (FBM), valued at approximately $8.8 billion, which was announced in late August [1][2] Group 1: Acquisition Details - The acquisition of FBM enhances Lowe's offerings for professional customers, with FBM operating 370 locations across the U.S. and Canada, distributing products such as metal framing, insulation, and commercial doors [2][3] - FBM will continue to operate under its existing senior leadership team, including founder Ruben Mendoza [3] Group 2: Strategic Implications - The acquisition is part of Lowe's Total Home strategy aimed at serving large professional customers within a $250 billion total addressable market [2] - Lowe's expects to expand its market penetration and capitalize on the anticipated recovery in housing, with an estimated 16 million new homes needed in the U.S. by 2033 [4] - The deal follows Lowe's earlier acquisition of Artisan Design Group, completed in June, indicating a strategic focus on expanding its professional customer base [3][4]