Lowe’s Buys Drywall Company for $8.8 Billion in Bet on Pros (1)

Lowe’s Cos. agreed to buy Foundation Building Materials for about $8.8 billion in cash, accelerating the home-improvement supplier’s push to serve more professional customers.

Foundation Building, a distributor of drywall and other building products, has a network of over 370 locations in the US and Canada and had about $6.5 billion in sales last year, according to a statement Wednesday. It was acquired by private equity firm American Securities LLC in a deal announced in 2020. Clayton, Dubilier & Rice took a minority stake last year.

Lowe’s and rival Home Depot Inc. have prioritized growing their professional business, which caters ...