Lowe's has sold its Canadian retail business to New York-based private equity firm Sycamore Partners for $400M in cash.
Based in Boucherville, Quebec, the home improvement chain's Canadian arm operates 450 corporate and independent stores under a variety of brands, including Dick's Lumber, Reno-Depot, Lowe's Canada and Rona.
The portfolio of retail outlets acquired by Sycamore will include 70 Lowe's big-box stores and about 150 corporate-owned Rona stores as well as a wholesale business supplying 210 independent Rona dealers.
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