Home improvement retailer Lowe’s announced Monday that it has agreed to acquire a leading provider of interior finishes in a deal worth more than $1.3 billion.
Artisan Design Group designs, distributes and installs flooring, cabinets, countertops and other surface finishes for homebuilders and property managers across the nation, company officials said. ADG has more than 3,200 specialized installers in the U.S. and posted revenue of about $1.8 billion in fiscal year 2024.
Lowe’s officials said the deal would expand its “Pro” offering into a new distribution channel — in a fragmented market worth some $50 billion.
"With more than 18 million homes needed in the United States by 2033, we expect new home construction will be a major driver of Pro planned spend for the next decade,” Lowe’s Chairman, President and CEO Marvin Ellison said in a statement. “The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion.”
The deal is expected to close in the second quarter of the year, subject to regulatory approval and other closing conditions. Lowe’s plans to fund the acquisition with cash on hand.
