Lowe’s Canada selling Ace Canada business to owner of TSC for undisclosed price

BOUCHERVILLE, Que. — Lowe’s Canada says it has reached an agreement to sell its Ace Canada business to the owner of TSC Stores as part of its restructuring that saw it close 34 underperforming Rona and Lowe’s stores.

The home improvement retailer says the agreement will see Rona Inc. sell the Ace assets to Peavey Industries, which operates 92 stores in the country under the Peavey Mart, MainStreet Hardware and TSC banners for an undisclosed price.

Rona will assign to Peavey the licence and distribution agreements with the subsidiary of Ace Hardware Corp. in Canada and the corporate Ace Hardware store in The Pas, Man.

It will also transfer agreements with 104 independent Ace Hardware stores in Canada that will see Peavey gradually assume responsibility to supply the stores and its website.

Lowe’s will continue to be wholesale supplier of lumber and building materials for Peavey Industries’ independent dealers after the transition period.

The Canadian division of the U.S. retailer says the business being transferred represents less than 10 per cent of to sales volume of Lowe’s affiliated dealer division

“We understand Canadian communities and we are looking forward to building even stronger community relationships, strengthening our bond with our loyal customers,” stated Doug Anderson, president and CEO of Peavey Industries LP.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

‘Ambulance dispatch should be kept local,’ says Red Deer mayor

Four Alberta mayors meet with Minister of Health on Thursday

Central zone down to 19 active COVID-19 cases on Thursday

Provincially, 158 new COVID-19 cases were identified

Empty Red Deer hotels could be purchased to create more affordable housing

City and its housing partners will be applying for a new federal program to reduce homelessness

As Agri-Trade neared exhibitors had second thoughts

Agricultural show cancelled rather than fall short of expectations

Liberals vow wage-subsidy extension to 2021, revamp of EI system in throne speech

Canadian labour market was hammered by pandemic, when lockdowns in the spring led to a loss of 3 million jobs

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Davis, Lakers beat Nuggets to take 3-1 lead in West finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Heat get chance Friday to oust Celtics, reach NBA Finals

Russian Olympic biathlon champion loses Sochi doping case

Russian Olympic biathlon champion loses Sochi doping case

Raptors coach Nurse says he needs to ‘decompress’ from this season

Raptors coach Nurse says he needs to ‘decompress’ from this season

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Canadian rookie receiver Claypool is impressing early with Pittsburgh Steelers

Iditarod preps for any scenario as 2021 race plans proceed

Iditarod preps for any scenario as 2021 race plans proceed

Pac-12 to kick off 7-game football season in early November

Pac-12 to kick off 7-game football season in early November

Penguins trade 2-time Cup winner Hornqvist to Panthers

Penguins trade 2-time Cup winner Hornqvist to Panthers

Most Read