A Lowe’s store in the Brooklyn borough of New York. (Yuki Iwamura/Bloomberg News)
Lowe’s Cos. has agreed to buy an interior services provider for around $1.3 billion, the retailer’s latest effort to expand its footprint with professional contractors amid a soft housing market.
Artisan Design Group serves homebuilders and property managers, offering design, distribution and installation services for interior surface finishes, such as cabinets and countertops. The company generated about $1.8 billion of revenue in fiscal 2024.
Like its bigger rival Home Depot, Lowe’s has set its sights on professional customers who typically manage larger, more complex projects and spend more than do-it-yourself customers. Home Depot shelled out more than $18 billion to acquire SRS Distribution last year.
Lowe’s has focused on catering to small to medium-size contractors, while Home Depot is looking to double down on bigger customers. Both retailers are seeking to get back to growth following years of sales declines, and as high interest rates prevent some customers from undertaking new housing projects.
Lowe’s ranks No. 15 on the Transport Topics list of the top private wholesale/retail carriers. Home Depot ranks No. 50 on the Transport Topics Top 100 list of the largest private carriers in North America and No. 23 on the wholesale/retail carriers sector list. SRS is No. 6 on the building materials sector list.
