(Montreal) Rona announces that it is once again becoming an independent company following its acquisition by Sycamore Partners and that Lowe’s stores will be converted “over time” to the Rona banner.
Last November, the Rona and Réno-Dépôt banners changed hands once again, six years after the acquisition by the American company Lowe’s.
Home improvement chain Lowe’s announced the sale of all of its Canadian operations to New York-based private equity firm Sycamore Partners for US$400 million in cash and deferred consideration based on future performance.
Quebec retailer Rona said Friday it will continue to operate and serve a network of some 450 corporate and affiliate stores operating across Canada under the Rona, Lowe’s, Réno-Dépôt and Dick’s Lumber banners.
All Lowe’s stores in Canada will remain open, but “over time, Lowe’s stores in Canada will be converted to the Rona brand, seamlessly for renovator and contractor customers,” it said. in a press release.
All Rona banners will continue to carry Lowe’s private labels and honor warranties and gift cards issued by Lowe’s stores nationwide.
The organization’s head office will remain in Boucherville.
Rona President Tony Cioffi said this “new milestone” was positive “for all of our stakeholders, including our employees, our affiliate merchants, our suppliers, our customers, as well as the communities in which we operate. “.
“We foresee a bright future and look forward to taking advantage of this unique opportunity for all of our 26,000 employees to promote the Rona name and increase consumer awareness of this strong brand,” said he stated by press release.
Rona says it maintains a strong commitment to its network of Rona affiliate dealers as well as to its Quebec and Canadian suppliers, in particular through its involvement in the “Bien fait ici” initiative, which aims to encourage the purchase of quality products made locally. .
The Rona network has more than 375 points of sale.