Lowe’s unveiled two deals to acquire companies that sell products to owners and managers of rental properties, bolstering its presence in the property management space.
Lowe's said it agreed to acquire Houston-based Maintenance Supply Headquarters in a deal it valued at $512 million. Maintenance Supply Headquarters operates 13 distribution centers serving customers in 29 geographic areas, primarily in the West, the Southeast and the south central US.
In addition, Lowe's disclosed a November 2016 purchase of Central Wholesalers, a property-management supplier mainly serving the Mid-Atlantic and Northeast regions. The combination of the two businesses give Lowe's a footprint in much of the US.
Read the press release here.
Here are some key data points about Lowe's, drawn from the eMarketer Retail & Ecommerce database.
Total revenue: Revenue has grown for five straight years, with 2016 a particularly healthy year at 10.1% growth.
Store productivity: Average sales per store inched higher in 2016, rising 0.3%. The preceding three years notched slightly higher gains. Sales per square foot, however, registered healthier gains. In 2016, the measure rose 5.9%.