Lowe's completed the acquisition of Foundation Building Materials from American Securities and CD&R for $8.8bn.

Lowe's, an American retail company specializing in home improvement, completed the acquisition of Foundation Building Materials, a North American distributor of interior building products, from American Securities, and CD&R, two private equity firms, for $8.8bn. "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. 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. 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 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," Marvin. R. Ellison, Lowe's Chairman, President, and CEO.