By Canadian Contractor staff
Lowe’s Canada to now operate as RONA Inc.Marketing & Sales Resources
The home improvement retailer has been re-established as an independent company following its acquisition last year by Sycamore Partners.
Canadian home improvement retailer RONA Inc. has re-established itself as an independent company following its acquisition by New York-based private equity firm Sycamore Partners from Lowe’s Companies Inc.
The company’s head office will remain in Boucherville, Que., on the South Shore of Montréal, Rona officials said in a Feb 3 news release.
The company will continue to operate and service a network of approximately 450 corporate and affiliated dealer stores across Canada under its RONA, Lowe’s, Réno-Dépôt, and Dick’s Lumber banners. Over time, Lowe’s stores in Canada will be converted to the RONA banner, the release said, and all RONA banners will still offer Lowe’s private brands, provide compelling financing plans to customers, and honour warranties and gift cards issued by Lowe’s stores in Canada.
Lowe’s bought RONA in 2016 in a deal valued at $3.2 billion Canadian, or about US$2.4 billion. In November 2022, Lowe’s sold RONA to Sycamore Partners for US$400 million plus a performance-based deferred consideration.
“The senior leadership team and I are very excited to begin this new chapter in the history of RONA, a brand that is valued by DIYers and contractors across the country,” RONA president Tony Cioffi said in the Feb. 3 news release. “This milestone is positive for all our stakeholders, including our employees, affiliated dealers, vendors, customers, and the communities where we operate. We look forward to a bright future and believe this will be a unique opportunity for our 26,000 employees to promote the RONA name and increase the visibility of this strong brand among consumers.”
RONA was founded in Quebec in 1939.
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