Lowe’s purchase of ATG Stores on Thursday, December 29
Lowe’s Companies, Inc. said on Thursday, it has acquired ATG Stores in order to broaden its business opportunities on the Web as well as in real-time. It is Lowe’s first purchase in about 12 years. ATG will work independently for Lowe’s Inc. from Kirkland, Washington.
Amount and terms are not yet disclosed.
Lowe’s, founded in 1946 and based in Mooresville, N.C., is the second largest home improvement retailer in the world. It has more than 1725 stores in U.S., Canada and Mexico. On the other hand, ATG Stores, or Allied Trade Group Inc., founded in 1999, is working on more than 500 websites, and offers 3.5 million products from more than 3,300 manufacturers, ranging from furniture and lighting to home decor, fitness equipment and apparel.
“The addition of ATG Stores is a strategic fit, providing more opportunities for Lowe’s to be a relevant partner at every stage of the home improvement process and deliver better customer experiences from inspiration to planning to enjoyment,” Robert A. Niblock, Lowe’s chairman, president and CEO, said in a statement. “ATG Stores is an extension of Lowe’s commitment to providing consumers with flexibility, simplicity and value, whenever and wherever they choose to shop.”
“Lowe’s commitment to consumers, innovation and long-term strategy, combined with our unique online product offering, presents a long-term opportunity for ATG Stores and Lowe’s to grow in the multichannel space,” said Gary Rubens, CEO of ATG Stores.