Home improvement retailer Lowe’s is acquiring Foundation Building Materials (FBM), which distributes drywall, insulation and other products, for roughly $8.8 billion, the Associated Press reports.
FBM provides a variety of interior products that serve large residential and commercial professionals and new construction as well as repairs and remodeling. It has over 370 U.S. and Canadian locations and serves 40,000 professional customers.
The purchase is part of Lowe’s larger focus on expanding the options it provides for professional builders. It recently closed on its $1.3 billion acquisition of Artisan Design Group.
Rival Home Depot has been making similar moves, announcing in June that it was buying specialty building products distributor GMS for $4.3 billion.
