Lowe's Completes FBM Acquisition

Lowe's Companies, Inc. has officially completed its acquisition of Foundation Building Materials (FBM), a Calif.-based building materials giant with over 370 locations across the U.S. and Canada.

Lowe's says the acquisition of FBM is expected to enhance the company's offering to Pro customers through an expanded product assortment, faster fulfillment, improved digital tools, and a robust trade credit platform. The company also touts the cross-selling opportunities between FBM, Lowe's and the recently acquired Artisan Design Group.

"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. 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," said Marvin. R. Ellison, Lowe's chairman, president, and CEO. 

Ellison adds:

"Together with our recent acquisition of ADG, we are creating a comprehensive interior solutions platform to better serve the homebuilder. With these acquisitions, Lowe's will be well-positioned to expand our market penetration and capitalize on the expected recovery in housing, with an estimated 16 million new homes needed in the U.S. by 2033. By expanding our Pro penetration, we also expect to drive more sustainable sales and profit expansion and deliver long-term shareholder value."

FBM will continue to be led by its founder, Ruben Mendoza, and its senior leadership team with over 200 years of combined industry experience. 

Lowe's hauled in total fiscal year 2024 sales of more than $83 billion, and it operates over 1,700 home improvement stores.