Home improvement retail giant Lowe's announced Thursday that it has closed its acquisition of construction distributor Foundation Building Materials.
The companies originally announced an agreement on a roughly $8.8 billion buyout in August as Lowe’s sought to bolster its ties with professional builders.
Lowe’s noted Thursday that FBM’s footprint includes more than 370 locations across North America, and said the addition would bolster its product lineup, digital tools, fulfillment operations and trade credit platform.
Lowe’s, FMB and Artisan Design Group — another recent Lowe’s acquisition — would also have “significant” cross-selling opportunities, the retailer added.
"Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large Pro customers within a $250 billion total addressable market,” Lowe’s Chairman, President and CEO Marvin R. Ellison said in a statement. “We would like to extend a warm welcome to the FBM team, and we look forward to building on their proven track record of profitable growth.”
Ruben Mendoza, FBM’s founder, will continue to lead with business with his senior leadership team.
