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To a private equity firm, Lowe’s will sell its Canadian operations, including Rona shops.

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For $400 million US plus a performance-based deferred consideration, Lowe’s Companies, Inc. will sell Sycamore Partners, a private equity group located in New York, its Canadian retail division.

Based in Boucherville, Quebec, the Canadian division of Lowe’s runs or provides support for about 450 corporate and independent associate dealer stores operating under a variety of brands, including Lowe’s, Rona, Reno-Depot, and Dick’s Lumber.

Marvin R. Ellison, chair, president, and CEO of Lowe’s, stated that the sale is a crucial step toward streamlining the Lowe’s business model.

The merger will create Lowe’s Canada and Rona as a stand-alone business with a headquarters in Quebec, and it is anticipated to close in early 2023.

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