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Lowe's to acquire Maintenance Supply Headquarters

Lowe's Cos. Inc. on May 18 said it has entered into a definitive agreement to acquire Texas-based maintenance, repair and operations, or MRO, distributor Maintenance Supply Headquarters for $512 million.

Combined with its November 2016 acquisition of Central Wholesalers, also an MRO distributor, Lowe's said the current deal will expand its ability to serve the multifamily housing industry.

Lowe's expects its combined multifamily MRO business to include 16 distribution centers generating more than $400 million in annual sales after the deal is completed, which it expects to happen in its second fiscal quarter.

Goldman Sachs & Co. LLC served as financial adviser to Lowe's.