NEW YORK, Feb. 3, 2023 /PRNewswire/ -- Sycamore Partners, a private equity firm specializing in retail, consumer, and distribution-related investments, today announced that it has completed its acquisition of Lowe's Canadian retail business, which will now operate under the name RONA inc. With headquarters in Boucherville, Québec, RONA operates or services approximately 450 corporate and independent affiliate dealer stores under several banners, including RONA, Lowe's, Réno-Dépôt and Dick's Lumber.
"We are excited to announce that RONA is once again an independent company headquartered in Boucherville, Quebec," said Stefan Kaluzny, Managing Director of Sycamore Partners. "We are honored that Lowe's has entrusted Sycamore Partners to lead RONA into its next chapter and build upon RONA's 84-year history serving communities across Canada. We look forward to working with RONA's 26,000 associates and over 200 dealer partners to meet the home improvement needs of Canadian families, builders, and contractors."
"Today's announcement represents the beginning of a new chapter in RONA's long and rich history," said Tony Cioffi, President of RONA inc. "With Sycamore's support and expertise, we will continue to provide outstanding service and products for our customers' home improvement and construction projects."
About RONA inc.
RONA inc. is one of Canada's leading home improvement retailers and is headquartered in Boucherville, Québec. The RONA inc. network operates or services some 450 corporate and affiliated dealer stores under the RONA, Lowe's, Réno-Dépôt, and Dick's Lumber banners. With a long and rich history, RONA inc. has supported Canadians in their home improvement and construction projects since 1939. To achieve this, the company relies on a team of 26,000 employees, to whom it strives to provide an inclusive workplace where everyone is invited to contribute. RONA inc. is one of the Montréal region's Top Employers since 2021. As a result of its ongoing efforts in sustainable development, the company was awarded the Stratégie de développement durable Mercure in 2022 and is recognized as one of Canada's Greenest Employers. To learn more about the company, visit the website www.ronainc.ca.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. The firm specializes in retail, consumer, and distribution-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners' investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.
Michael Freitag or Arielle Rothstein
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE Sycamore Partners