Lowe’s Companies is expanding its professional services business with the acquisition of Maintenance Supply Headquarters, a distributor of maintenance, repair and operations products to the multifamily housing industry.
The total transaction is valued at $512 million. Based in Houston, Texas, Maintenance Supply Headquarters operates 13 distribution centers serving customers in 29 geographic areas, primarily in the western, southeastern and south central U.S., with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multifamily properties, according to Lowe’s.
“Lowe’s has long served the multifamily housing industry through our pro services business, and we are excited about the potential to further expand our presence in this highly attractive and growing customer segment,” said Richard Maltsbarger, Lowe’s chief development officer and president of international.
The acquisition is expected to be completed in Lowe’s second fiscal quarter, following the receipt of regulatory approval and satisfactory completion of customary closing conditions.