Renovation chain Lowe’s on Thursday announced the sale of all of its Canadian businesses, including the Rona and Réno-Dépôt chains. (Photo: The Canadian Press)
Rona and Réno-Dépôt signs are changing again, six years after acquisition by Lowe’s of America.
Home improvement chain Lowe’s on Thursday announced the sale of all of its Canadian operations, including its Rona and Réno-Dépôt chains, to New York-based private equity firm Sycamore Partners, for $400 million in cash (about C$549.8). million) and a deferred consideration calculated on future performance.
Louise bought Rona for $2.3 billion in 2016. On Thursday, the company said it expects to post a non-cash loss before tax of about $2 billion in connection with its retail business. Canadians in the third quarter of 2022.
Marvin R. Ellison, Lowe’s Chairman, President and CEO, said in a press release that the sale of the Canadian operations — which includes approximately 450 company-operated stores and independent subsidiary stores under various banners, including Lowe’s, Rona, Réno-Dépôt and Dick’s Lumber — “An important step towards simplifying Lowe’s business model.”
Ellison: “While this business represents approximately 7% of our full-year 2022 revenue forecast, it is also approximately 60 basis points to soften our full-year 2022 operating margin forecast.”
Stefan Kaluzney, managing director of Sycamore Partners, confirms that the company wants to make Lowe’s Canada and Rona an independent company whose head office will be kept in Boucherville. Rona’s network has more than 375 points of sale.
“We look forward to working with the leadership team of an organization with an 83-year history as Canada’s leading home improvement company serving families, builders and entrepreneurs in communities across the country,” says Kaluzney.
It said the deal was expected to close in early 2023, subject to usual closing conditions and receipt of regulatory approvals.
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