By Stephen Nakrosis
Lowe's said it agreed to acquire Artisan Design Group from private equity firm Sterling Group for $1.33 billion.
The home improvement company said it will finance the acquisition with cash on hand.
Artisan Design Group is headquartered in Dallas, and operates 132 distribution, design and service facilities. The group coordinates installation through over 3,200 personnel across 18 states, Sterling said. The group recorded fiscal 2024 revenue of about $1.8 billion.
Marvin Ellison, chairman, president and chief executive officer of Lowe's, said given future housing need in the U.S., the acquisition is expected to expand the retailer's total addressable market by about $50 billion.
The deal is expected to close in the second quarter of this year.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 14, 2025 16:34 ET (20:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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