Lowe’s Companies, Inc. announced that it has completed the sale of its Canadian retail business to Sycamore Partners, a private equity firm specializing in retail, consumer and distribution-related investments.
“With the closing of this transaction, we are now singularly focused on the transformation of our U.S. home improvement business, where we have a great opportunity to simplify Lowe’s operations and take market share,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “Our simplified business model will support our efforts to improve operating margin and ROIC, while delivering sustainable value to our shareholders. I would like to extend my appreciation to the entire Canadian team for their commitment to serving our customers, and I wish them the best as they move forward under new ownership.”
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Goldman Sachs & Co. LLC is serving as financial adviser to Lowe’s, and Cleary Gottlieb Steen & Hamilton LLP and Stikeman Elliott LLP are serving as legal counsel. RBC Capital Markets is serving as financial adviser to Sycamore Partners, and Kirkland & Ellis LLP and Blake, Cassels & Graydon LLP are serving as legal counsel.
Lowe’s Companies, Inc. is a FORTUNE® 50 home improvement company serving approximately 18 million customer transactions a week in the U.S. With total fiscal year 2021 sales of over $96 billion, approximately $90 billion of sales were generated in the U.S., where Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.
Sycamore Partners is a private equity firm based in New York. The firm specializes in retail, consumer, and distribution-related investments and partners with management teams to improve the operating profitability and strategic value of their business.
SOURCE: PR Newswire