US-based home improvement retailer Lowe’s Companies has completed its acquisition of Foundation Building Materials (FBM), a distributor of building materials and construction products in the US and Canada.
The $8.8bn deal was announced in August 2025.
The acquisition will extend Lowe's services to professional customers, including an expanded product range, changes to fulfilment processes, and enhanced digital and trade credit systems.
The deal will also increase Lowe’s presence in regions including California and the northeastern and the midwestern US, and align operations with the recently acquired Artisan Design Group (ADG).
Lowe's chairman, president and CEO Marvin R Ellison stated: "Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large pro customers within a $250bn total addressable market.
Ellison added: “With these acquisitions, Lowe's will be well-positioned to expand our market penetration and capitalise on the expected recovery in housing, with an estimated 16 million new homes needed in the US 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 operate under the leadership of its founder, Ruben Mendoza, and its existing senior management team.
Goldman Sachs and Centerview Partners were financial advisors to Lowe’s for the transaction, with Freshfields serving as legal advisor.
FBM was advised by RBC Capital Markets as sole financial advisor, while Weil, Gotshal & Manges offered legal counsel.
Established in 2011 and headquartered in Santa Ana, California, FBM operates more than 370 locations across the US and Canada.
Lowe’s, based in Mooresville, North Carolina, operates more than 1,700 home improvement stores.
In the second quarter of 2025, Lowe’s posted net earnings of $2.4bn and total sales of $24bn.
Diluted earnings per share (EPS) were $4.27 for the quarter, up from $4.17 in the second quarter of 2024.
