Lowe's Canada

Lowe's Canada, Inc. was the Canadian subsidiary of American home improvement chain Lowe's.

The Lowe's chain began an expansion into Canada in 2007, beginning with locations in Ontario, and later expanding into other provinces. In 2016, the company acquired its Canadian rival Rona Inc. for CDN$3.2 billion, assuming control of its store banners and relocating its operations to Rona's headquarters in Boucherville, Quebec. Some of Rona's locations were converted to the Lowe's banner.

In November 2022, Lowe's announced that it would sell its Canadian operations to Sycamore Partners for $400 million. Following the completion of the sale in 2023, Sycamore began to phase out the Lowe's brand in Canada, replacing it with the new Rona banner Rona+.

History

The first store outside the United States was in Hamilton, Ontario, Canada. According to its website, Lowe's has operated/serviced more than 2,355 locations in the United States, Canada, and Mexico alone, although the Mexican stores were closed in the late 2010s.

Lowe's opened its first three stores in Canada on December 10, 2007, in Hamilton, Brampton and Brantford. On February 1, 2008, they opened three more stores in Toronto, East Gwillimbury, and a second store in Brampton as well as a new location in Maple (Vaughan). Lowe's also expanded into western Canada, starting with three new stores in Calgary, Alberta. One of the three locations opened in late September 2010. The other two opened by early 2011. In 2018 Lowe's had 62 locations in Canada, with stores in British Columbia, Manitoba and Saskatchewan. Each store represented an average investment of $20.5 million (US$20.4 million).

In February 2013, Lowe's Canada hired former Walmart Canada and Loblaw Companies executive Sylvain Prud'homme as CEO.

On May 11, 2015, Lowe's Canada announced that it would acquire the leases of 13 former Target Canada stores, as well as an Ontario distribution centre, for $151 million.

In 2012, Lowe's attempted to buy Rona, Inc., a Quebec-based hardware chain. However, the deal was met with objections from Rona shareholders (particularly the Caisse de dépôt et placement du Québec) and operators of its franchised locations over concerns that the company could centralize its supply operations in the United States, and was eventually called off.

On February 3, 2016, Rona announced that it had accepted an offer to be acquired by Lowe's for CDN$3.2 billion, pending regulatory and shareholder approval. The division would remain under the leadership of Sylvain Prud'homme but would be operated out of Rona's headquarters in Boucherville. Lowe's maintained Rona's retail banners, "key" executives, and the "vast majority of its current employees" post-acquisition. 40 Rona Home & Garden locations in large markets were to be converted to the Lowe's banner.

In November 2022, Lowe's agreed to sell its Canadian operations to the private equity firm Sycamore Partners for $400 million, including the Lowe's locations and Rona's banners. It was stated that the Lowe's brand would be discontinued and replaced with Rona. The sale was completed on February 3, 2023. On July 27, 2023, Rona began transitioning Lowe's Canada locations to the new store banner Rona+.

Associated brands

* Kobalt tools
* EGO
* allen+roth

See also

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References

External links

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Companies listed on the New York Stock Exchange
Companies based in Charlotte, North Carolina
Iredell County, North Carolina
American companies established in 1921
Retail companies established in 1921
Hardware stores of the United States
Hardware stores of Canada
Home improvement retailers of the United States
1921 establishments in North Carolina
Hardware stores of Mexico
1970s initial public offerings
Garden centres