Bloomberg is reporting that unnamed sources have said that Lowe’s Companies, Inc (NYSE: LOW) is working with Goldman Sachs to search for acquisitions in Brazil. Options apparently include buying part of BR Home Centers, a home-improvement holding company valued at about 500 million reais ($220.1 million) that is said to be working with Rothschild to study strategic options plus Curitiba-based Balaroti Materiais de Construcao SA, which is said to be working with Morgan Stanley
Home improvement retailers see a potentially big market as tens of millions of Brazilians have entered the middle class in the past decade while the formal home-improvement industry still competes with corner hardware stores. In addition, the government has encouraged home ownership with its low-income housing initiative dubbed Minha Casa, Minha Vida or My Home, My Life program.
It should also be mentioned that both Lowe’s Companies and rival Home Depot, Inc (NYSE: HD) have a presence in Mexico but both have yet to really penetrate the rest of Latin America.
To read the whole article, Lowe’s Said to Hire Goldman to Find Brazil Acquisitions, go to the website of Bloomberg.
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