The American hardware store Lowe’s sells its Canadian activities (Rona, Réno-Dépôt and Dick Lumber) to a New York investment firm for 400 million US and an amount based on performance.
Posted at 4:44 p.m.
The acquirer is Sycamore Partners, a retail, consumer and distribution firm that partners with management teams to improve the profitability and value of their business.
The Canadian operations sold by Lowe’s include 450 company-operated stores and independent affiliated stores.
Lowe’s paid C$3.2 billion in 2016 to buy Rona.