Lowe’s Companies, Inc. is selling its Canadian retail business to New York-based private equity firm Sycamore Partners for US$400 million plus a performance-based deferred consideration.
Lowe’s Canadian arm is based in Boucherville, Quebec, and operates or services around 450 corporate and independent affiliate dealer stores under a number of banners, including Lowe’s, RONA, Réno-Dépôt and Dick’s Lumber.
Lowe’s chairman, president and CEO Marvin R. Ellison said the sale is an important step toward simplifying the Lowe’s business model.
The deal, expected to close in early 2023, will establish Lowe’s Canada and RONA as a standalone, Quebec-headquartered company….