RONA to acquire Dick’s Lumber
Boucherville, Quebec-based RONA will increase its presence in British Columbia with the acquisition of three Dick’s Lumber locations.
The building supply and hardware specialist operates three large stores in the Vancouver area. The acquisition builds on RONA’s 2006 acquisitions of Curtis Lumber and Mountain Building Supplies, bringing the retailer’s total store count in B.C. to 54.
RONA “will continue opening new big-box and proximity stores with innovative concepts, as well as recruiting independent dealers in the years to come,” according to a statement from the company.
Terms of the deal were not disclosed. RONA will finance the acquisition through the company’s existing credit facilities, and the transaction is expected to close in the fiscal fourth quarter of 2007.
Dick's Lumber is a family-owned private company founded in 1964 with more than 100 million Canadian dollars (US$98 million) in sales in the last year. The company’s stores include about 22 acres of lumberyards.
"We have stated in the past that RONA is the consolidator of the home improvement industry in Canada, and this transaction is another step in that direction,” said RONA president and CEO Robert Dutton said. “[The] acquisition reflects our intention to rapidly develop our presence in British Columbia.”