Lowe's Companies, Inc. announced it has completed its previously announced acquisition of Foundation Building Materials, a building materials and construction products distribution company with over 370 locations across the United States and Canada.

Lowe's said in a news release that it expects the acquisition to enhance its offering to Pro customers through an expanded product assortment, faster fulfillment, improved digital tools, and a robust trade credit platform. FSM will provide Lowe's with growth opportunities to expand its Pro footprint, given its complementary presence in key geographies like California, the Northeast and the Midwest. It also creates cross-selling opportunities between FBM and Lowe's, as well as the recently acquired Artisan Design Group.

"Completing the acquisition of FBM is an important step in accelerating our Total Home strategy to serve large Pro customers within a $250 billion 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," said Marvin. R. Ellison, Lowe's chairman, president, and CEO. 

As previously announced, FBM will continue to be led by its founder, Ruben Mendoza, and its senior leadership team with over 200 years of combined industry experience.

"Together with our recent acquisition of ADG, we are creating a comprehensive interior solutions platform to better serve the homebuilder," said Ellison. "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 U.S. by 2033. By expanding our Pro penetration, we also expect to drive more sustainable sales and profit expansion and deliver long-term shareholder value."

This is among the latest and largest acquisitions to take place in the building materials industry. The Home Depot acquired GMS Inc. for $55 billion through SRS Distribution, which it acquired in June 2024 for $18.25 billion. Meanwhile, QXO completed its acquisition of Beacon Building Products last March for $11 billion.