Home improvement giant completes acquisition
Lowe's Companies has finalized a deal that fits into its goal to better serve its pro customers.
The home improvement retailer has completed its previously announced acquisition of Maintenance Supply Headquarters for $512 million. The Houston, Texas-based company is a distributor of maintenance, repair and operations (MRO) products serving the multifamily housing industry.
"We are delighted to officially welcome Maintenance Supply Headquarters and their talented team into the Lowe's family," said Michael Tummillo, senior VP of Lowe's pro sales. "Together, Maintenance Supply Headquarters and Central Wholesalers expand Lowe's ability to serve the highly attractive and growing multifamily housing industry while strengthening our foundation for future growth with enhanced product and service offerings. With this latest transaction, we look forward to delivering even more value for our pro customers."
The deal is a next logical step for Lowe's, which acquired Central Wholesalers, an MRO distributor in the Mid-Atlantic and Northeast, in November 2016. The move is part of an overall drive to broaden Lowe's relationship with pro customers and better serve their needs.
Maintenance Supply Headquarters operates 13 distribution centers serving customers in 29 geographic areas, primarily in the western, southeastern and south central U.S., with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multifamily properties.
The company was founded in 2006 and features a product offering that includes appliances, plumbing, HVAC, lighting, hardware, electrical and other products for maintaining and renovating multifamily properties, as well as services such as renovation project support, custom fabrication and educational classes.
With this acquisition under its belt, Lowe's multifamily MRO business now includes 16 distribution centers in attractive regions throughout the nation, generating more than $400 million in incremental annual sales.