Business

Lowe’s says $512 million deal will help grow its pro customer business

Home owner Hemant Panchal of Sanford, Fla., wrestles plywood into his vehicle at a Lowe’s store in Casselberry, Fla., in an October 2016 file photo.
Home owner Hemant Panchal of Sanford, Fla., wrestles plywood into his vehicle at a Lowe’s store in Casselberry, Fla., in an October 2016 file photo. AP

Mooresville-based Lowe’s says that its $512 million purchase of Maintenance Supply Headquarters will help improve its offerings for its growing and lucrative base of professional customers, such as contractors.

Lowe’s said in a statement that it completed the acquisition on Monday. Maintenance Supply Headquarters, based in Houston, distributes products designed to maintain and renovate multifamily buildings, including appliances, plumbing, HVAC and lighting. The company employs roughly 550 people.

The deal is another way Lowe’s is working to boost sales and to catch up with rival Home Depot. Pro customers reliably and frequently place larger orders than the average customer buying products for do-it-yourself home projects.

The Maintenance Supply Headquarters deal follows Lowe’s acquisition last November of Central Wholesalers, a Maryland-based company that distributes supplies for multifamily buildings.

“Together, Maintenance Supply Headquarters and Central Wholesalers expand Lowe’s ability to serve the highly attractive and growing multifamily housing industry while strengthening our foundation for future growth with enhanced product and service offerings,” said Michael Tummillo, senior vice president of Lowe’s pro sales.

Lowe’s has said Tummillo will oversee the two newly acquired companies.

Katherine Peralta: 704-358-5079, @katieperalta

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