MOORESVILLE, N.C., Feb. 3, 2023 /CNW Telbec/ – Lowe’s Corporations, Inc. (NYSE: LOW) right this moment introduced that it has accomplished the sale of its Canadian retail enterprise to Sycamore Companions, a personal fairness agency specializing in retail, client and distribution-related investments.
“With the closing of this transaction, we are actually singularly targeted on the transformation of our U.S. dwelling enchancment enterprise, the place we’ve got an excellent alternative to simplify Lowe’s operations and take market share,” mentioned Marvin R. Ellison, Lowe’s chairman, president and CEO. “Our simplified enterprise mannequin will help our efforts to enhance working margin and ROIC, whereas delivering sustainable worth to our shareholders. I wish to prolong my appreciation to your complete Canadian group for his or her dedication to serving our clients, and I want them one of the best as they transfer ahead below new possession.”
Goldman Sachs & Co. LLC is serving as monetary adviser to Lowe’s, and Cleary Gottlieb Steen & Hamilton LLP and Stikeman Elliott LLP are serving as authorized counsel. RBC Capital Markets is serving as monetary adviser to Sycamore Companions, and Kirkland & Ellis LLP and Blake, Cassels & Graydon LLP are serving as authorized counsel.
Lowe’s Corporations, Inc. (NYSE: LOW) is a FORTUNE® 50 dwelling enchancment firm serving roughly 18 million buyer transactions every week within the U.S. With whole fiscal yr 2021 gross sales of over $96 billion, roughly $90 billion of gross sales have been generated within the U.S., the place Lowe’s operates over 1,700 dwelling enchancment shops and employs roughly 300,000 associates. Primarily based in Mooresville, N.C., Lowe’s helps the communities it serves by applications targeted on creating secure, reasonably priced housing and serving to to develop the following technology of expert commerce consultants. For extra info, go to Lowes.com.
About Sycamore Companions
Sycamore Companions is a personal fairness agency based mostly in New York. The agency makes a speciality of retail, client, and distribution-related investments and companions with administration groups to enhance the working profitability and strategic worth of their enterprise. With roughly $10 billion in combination dedicated capital raised since its inception in 2011, Sycamore Companions’ traders embrace main endowments, monetary establishments, household places of work, pension plans and sovereign wealth funds. For extra info on Sycamore Companions, go to www.sycamorepartners.com.
Disclosure Relating to Ahead-Trying Statements
This press launch consists of “forward-looking statements” throughout the that means of the Personal Securities Litigation Reform Act of 1995. Statements together with phrases corresponding to “consider”, “count on”, “anticipate”, “plan”, “need”, “undertaking”, “estimate”, “intend”, “will”, “ought to”, “might”, “would”, “might”, “technique”, “potential”, “alternative”, “outlook”, “state of affairs”, “steering”, and related expressions are forward-looking statements. Ahead-looking statements contain, amongst different issues, expectations, projections, and assumptions about future monetary and working outcomes, goals, enterprise outlook, priorities, gross sales progress, shareholder worth, capital expenditures, money flows, the housing market, the house enchancment trade, demand for services and products, share repurchases, Lowe’s strategic initiatives, together with these referring to acquisitions and tendencies and the influence of such transactions on our strategic and operational plans and monetary outcomes. Such statements contain dangers and uncertainties, and we can provide no assurance that they’ll show to be appropriate. Precise outcomes might differ materially from these expressed or implied in such statements.
All kinds of potential dangers, uncertainties, and different components might materially have an effect on our capability to attain the outcomes both expressed or implied by these forward-looking statements together with, however not restricted to, adjustments generally financial situations, corresponding to volatility and/or lack of liquidity every now and then in U.S. and world monetary markets and the ensuing decreased availability and/or increased price of borrowing to Lowe’s and its clients, the danger that impairment of the divested companies and the fees related to the divestiture might finally be higher than what we at the moment count on, slower charges of progress in actual disposable private earnings that would have an effect on the speed of progress in client spending, inflation and its impacts on discretionary spending and on our prices, shortages, and different disruptions within the labor provide, rate of interest and forex fluctuations, dwelling worth appreciation or lowering housing turnover, the supply of client credit score and of mortgage financing, commerce coverage adjustments or further tariffs, outbreaks of pandemics, fluctuations in gas and power prices, inflation or deflation of commodity costs, pure disasters, armed conflicts, acts of each home and worldwide terrorism, and different components that may negatively have an effect on our clients.
The foregoing components and different uncertainties, dangers and potential occasions are described in “Merchandise 1A – Danger Components” in our most up-to-date Annual Report on Type 10-Ok and could also be up to date every now and then in Merchandise 1A in our quarterly reviews on Type 10-Q or different subsequent filings with the SEC. All such forward-looking statements converse solely as of the date they’re made, and we don’t undertake any obligation to replace these statements apart from as required by regulation.
SOURCE Lowe’s Corporations, Inc.
For additional info: Contacts: Shareholder/Analyst Inquiries: Kate Pearlman, 704-775-3856, [email protected]; U.S. Media Inquiries: Steve Salazar, 704-881-4272, [email protected]