Lowe's departs the Canadian market with Loew'sCanada/RONA exit

The parent company of RONA Canada has sold off its Canadian business
to an American equity firm

The latest of American retailers to find challenges to their Canadian expansion plans appears to be the Lowe's Canada branch of the larger hardware retailers Lowe's, with the American head office having announced the sale of their Canadian operations, which include the RONA brand and its affiliate stores across the nation.

An announcement from Thursday, noted of the deal with the American Equity firm Sycamore properties, the deal included 400 million dollars in cash along with performance based deferred consideration.

“We are honoured to partner with Lowe's to establish Lowe's Canada and RONA as a standalone company headquartered in Boucherville, Quebec. We look forward to working with the company’s management team to build on its 83-year history as a leading Canadian home improvement business serving families, builders, and contractors in their communities across the country.” -- Stefan Kaluzny, Managing Director of Sycamore Partners.

The full statement related to the sale can be reviewed here.

For now there doesn't appear to be any change in motion towards the national hardware retailers plans for operations, which includes a Prince Rupert location  in the Cow Bay Area.

The Prince Rupert store is an affiliate operation, with significant local investment from the Gitxaala Nation. One of a number of investments in Prince Rupert that the First Nation has made in recent years.

More notes on the commercial sector in the Northwest can be explored here.