Janice Dupré Executive Vice President, Human Resources | Lowe's
Janice Dupré Executive Vice President, Human Resources | Lowe's
Lowe's Companies, Inc. has announced a definitive agreement to acquire Artisan Design Group (ADG) for $1.325 billion. ADG is a prominent provider of design, distribution, and installation services for interior surface finishes to home builders and property managers nationwide. With revenue of approximately $1.8 billion in fiscal 2024, and a network of over 3,200 specialized installers, ADG holds a significant position in the industry.
Marvin R. Ellison, Lowe's chairman, president, and CEO, highlighted the strategic benefits of the acquisition, stating, "With more than 18 million homes needed in the United States by 2033, we expect new home construction will be a major driver of Pro planned spend for the next decade." He added that the acquisition would expand Lowe's total addressable market by about $50 billion.
Steve Margolius, CEO of ADG, expressed enthusiasm about the acquisition, stating, "Our leading position in flooring, cabinets and countertops, combined with Lowe's scale and category breadth, will allow us to continue on our growth trajectory."
Lowe's will finance the acquisition with cash on hand, expecting the transaction to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions.
Centerview Partners LLC is the lead financial advisor for Lowe's, with Greenhill and Covington & Burling LLP providing additional financial and legal advisement. RBC Capital Markets is ADG's lead financial advisor, supported by Goldman Sachs and Latham & Watkins LLP.
Lowe's, a Fortune 50 home improvement company based in Mooresville, N.C., operates over 1,700 stores and conducts approximately 16 million customer transactions weekly in the U.S. Artisan Design Group, headquartered in Dallas, Texas, operates 132 facilities in 18 states, providing services for interior finishes like flooring, cabinets, and countertops.
The press release included forward-looking statements under the Private Securities Litigation Reform Act of 1995, emphasizing potential risks and uncertainties in the projections and assumptions stated.
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