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Foundation Building Materials, Santa Ana, Ca., has agreed to be acquired by Lowe’s Cos. for close to $8.8 billion.
Founded in 2011, FBM supplies construction products such as drywall, metal framing, ceilings, doors and hardware to around 40,000 professional customers through its more than 370 locations in the U.S. and Canada.
FBM is expected to accelerate Lowe’s Total Home strategy by enhancing its offering to pro customers through expanded capabilities, faster fulfillment, improved digital tools, a robust trade credit platform, and significant cross-selling opportunities between FBM and Lowe’s as well as the recently acquired Artisan Design Group (ADG). Currently, 70% of Lowe’s customer base is DIY.
“With this acquisition, we are advancing our multi-year transformation of the pro offering,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “It allows us to serve the large pro planned spend within a $250 billion total addressable market and aligns perfectly with our Total Home strategy. FBM’s scalable, multi-trade distribution platform and strong leadership combined with our recent acquisition of ADG will significantly enhance our pro offering.”
Lowe’s acquired ADG for $1.33 billion in April. Two months later, chief rival Home Depot agreed to purchase similarly positioned specialty building products distributor GMS for $4.3 billion.
Ruben Mendoza, FBM’s president and CEO, added, “Joining Lowe’s is an exciting next step. Since 2011, we’ve built a leading position in drywall, ceiling systems, and metal framing, with proven success integrating acquisitions. Together with Lowe’s complementary products and incredible brand, we’ll offer a more comprehensive solution for pro customers and accelerate growth.”
Mendoza and the senior leadership team will continue to lead FBM.
The transaction is expected to close in the fourth quarter of 2025.
