Lowe’s Announces $8.8-Billion Acquisition of Santa Ana’s Foundation Building Materials

Home improvement retailer Lowe’s Companies Inc. announced it has entered into an agreement to acquire Santa Ana-based Foundation Building Materials for approximately $8.8 billion.

Foundation Building Materials is a North American distributor of interior building products, including drywall, metal framing, ceiling systems, commercial doors and hardware, insulation and complementary products serving large residential and commercial professionals in both new construction and repair and remodel applications. Since 2011, FBM has grown into a network of over 370 locations in the United States and Canada, serving 40,000 Pro customers. Last year, it generated approximately $6.5 billion in revenue.

“With this acquisition, we are advancing our multi-year transformation of the Pro offering,” said Marvin Ellison, Lowe’s chairman, president, and chief executive. “Foundation Building Materials’ scalable, multi-trade distribution platform and strong leadership, combined with our recent acquisition of Artisan Design Group, will significantly enhance our Pro offering.”

Ruben Mendoza, Foundation Building Materials’ chief executive, and the senior leadership team will continue to lead the company.

Lowe’s has secured $9 billion in a fully committed bridge financing from Bank of America, N.A. and Goldman Sachs & Co. LLC. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approval.

Goldman Sachs & Co. LLC and Centerview Partners LLC acted as financial advisors for Lowe’s, while Freshfields US LLP acted as legal advisor. RBC Capital Markets LLC acted as financial advisor for Foundation Building Materials and Weil, Gotshal & Manges LLP acted as legal advisor and its investors.

Information for this article was sourced from Lowe’s Companies, Inc.