Mooresville-based Lowe’s Home Improvement just released a statement announcing the completion of their $512 million acquisition of Maintenance Supply Headquarters, a leader in multifamily housing supplies.
The purchase of the Houston-based distributor gives Lowe’s an additional 13 distortion centers with over 5,300 products focused around multifamily developments. This is expected to significantly improve Lowe’s relationships with professional investor and institutional clients, now being able to offer them a wider selection of products, quicker delivery, and lower prices.
“We are delighted to officially welcome Maintenance Supply Headquarters and their talented team into the Lowe’s family,” said Michael Tummillo, senior vice president of Lowe’s pro sales. “Together, Maintenance Supply Headquarters and Central Wholesalers expand Lowe’s ability to serve the highly attractive and growing multifamily housing industry while strengthening our foundation for future growth with enhanced product and service offerings. With this latest transaction, we look forward to delivering even more value for our pro customers.”
Richard “Rusty” Penick, co-founding partner and CEO of Maintenance Supply Headquarters, added, “Today marks the beginning of an exciting next chapter for Maintenance Supply Headquarters. We are thrilled to join Lowe’s and work together to continue to deliver exceptional service for our customers. We have had the honor of serving many of the nation’s top multifamily property management companies and their communities over the past 10 years, and we look forward to building on this legacy.”
Lowe’s is expected to move an undetermined number of Maintenance Supply Headquarter’s 550 employees from Houston to the Lowe’s headquarters in Mooresville. Lowe’s also recently announced that they will be hiring 600 more full-time employees in our state due to their continued growth.