Cleary Gottlieb represented Lowe’s Companies Inc. (Lowe’s) in its definitive agreement to sell its Canadian retail business to Sycamore Partners for $400 million in cash and performance-based deferred consideration.
The transaction is expected to close in early 2023, subject to customary closing conditions and regulatory approvals.
Lowe’s is a Fortune 50 home improvement company serving approximately 19 million customer transactions a week in the United States and Canada. With fiscal year 2021 sales of over $96 billion, Lowe’s and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ over 300,000 associates.
Based in Boucherville, Quebec, Lowe’s Canadian retail business operates or services approximately 450 corporate and independent affiliate dealer stores in a number of complementary formats under different banners, which include RONA, Lowe’s Canada, Réno-Dépôt, and Dick’s Lumber.
Sycamore Partners is a private equity firm specializing in consumer, retail, and distribution investments.
For more information, please see the press release here.