(Gray News) – Lowe companies announced earlier this week that it would acquire $ 1.3 billion in order to compete with Home Depot.
Lowe’s said on Monday that he had concluded an agreement to acquire Artisan Design Group, one of the main providers of distribution and design service for interior finishes to house manufacturers and real estate managers.
ADG will extend Lowe’s Pro offer in a new distribution channel in a very fragmented market and around 50 billion dollars, said business leaders.
“We are delighted that ADG a joining forces with Lowe’s,” said ADG CEO Steve Margolius, in a press release from Lowe. “Our main position in the floor covering, cupboards and counters, combined on a Lowe scale and category width, will allow us to continue our growth trajectory while offering an even more differentiated and complete offer to manufacturers and property managers that we serve today.”
The president and chief executive officer of Lowe, Marvin R. Ellison, believes that the acquisition will allow the company to rely on its momentum and “should extend our total addressable market of approximately $ 50 billion”.
“With its solid operating model and focused on customers, ADG has become an industry leader with the best customer satisfaction scores of the best manufacturers in the United States,” said Ellison.
According to the company, Lowe’s will finance the acquisition with species at hand. The transaction should end in the second quarter of 2025.
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