Lowe's Announces Agreement to Acquire Artisan Design Group

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Lowe's Companies, Inc. (NYSE: LOW) on April 14, 2025, said it has entered into a definitive agreement to acquire Artisan Design Group for $1.325 billion.

ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to national, regional and local homebuilders and property managers.

Through a combination of organic growth and a series of targeted acquisitions that extended its capabilities and footprint, ADG has built an industry leading position.

With fiscal 2024 revenue of approximately $1.8 billion, a national network of over 3,200 specialized installers and long-standing relationships with single-family and multifamily homebuilders as well as property managers, ADG will expand Lowe's Pro offering into a new distribution channel within a highly fragmented, approximately $50 billion market, officials said.

"With more than 18 million homes needed in the United States by 2033, we expect new home construction will be a major driver of Pro planned spend for the next decade. The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion," said Marvin R. Ellison, Lowe's chairman, president and CEO.

Ellison added, "With its strong, customer-centric operating model, ADG has become an industry leader with best-in-class customer satisfaction scores from the top builders in the U.S.  We look forward to welcoming the ADG team to Lowe's, and, through our combined capabilities, enhancing our offering to our expanded Pro customer base."

"We are thrilled for ADG to join forces with Lowe's," said Steve Margolius, ADG's CEO. "Our leading position in flooring, cabinets and countertops, combined with Lowe's scale and category breadth, will allow us to continue on our growth trajectory while providing an even more differentiated and comprehensive offering to the builders and property managers we serve today."

Lowe's will finance the acquisition with cash on hand. The transaction is expected to close in the second quarter of 2025, subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions.

Centerview Partners LLC is acting as lead financial advisor to Lowe's. Greenhill, a Mizuho affiliate, is also acting as financial advisor to Lowe's. Covington & Burling LLP is acting as legal advisor to Lowe's.

RBC Capital Markets is acting as lead financial advisor to ADG. Goldman Sachs is also acting as financial advisor to ADG. Latham & Watkins LLP is acting as legal advisor to ADG.

Based in Mooresville, North Carolina, Lowe's is a FORTUNE 50 home improvement company with approximately 16 million customer transactions a week in the United States.

With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates.

Lowe's has numerous home improvement stores in South Carolina.

 

FAYAT Group, a producer of road equipment, announced it is expanding its Road Equipment Division operations in Fairfield County.

The company’s $13.7 million investment will create 75 jobs, according to Gov. Henry McMaster’s office.

“FAYAT moved its BOMAG North American headquarters to Fairfield County just over 10 years ago to leverage several strategic benefits – being close to port of entry, proximity to an air hub for spare parts distribution, and offering the opportunity for year-round sales and service training – for the purpose of being closer to and better serving our customers,” said FAYAT Road Equipment Division General Manager Rob Mueckler.

Mueckler added, "The fact that FAYAT is once again investing in Fairfield County by nearly doubling its footprint is testament to the successful implementation of this decision and the talent and dedication of the workforce.” 

Founded in France in 1957, FAYAT, through its Road Equipment Division, produces and assembles equipment for all steps of the road lifecycle – asphalt production, application, compaction, road maintenance, sweeping, cold milling, stabilization and recycling – as well as airport vehicles.

The company operates in 170 countries and has more than 23,000 employees worldwide.

Located at 321 Blue Granite Parkway in Ridgeway, FAYAT will build a new 100,000-square-foot parts distribution facility to improve its aftersales support for customers throughout North America.

Officials said the expansion also will allow FAYAT to increase its localization of production for road machinery at an existing facility in Fairfield County.

Operations are expected to be online in the fourth quarter of 2025. Those interested in joining FAYAT should contact Michelle Tobin ([email protected]).

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

 

The 1st Annual Southeast Real Estate Expo will be held at the Peace Center in Greenville, South Carolina, May 28-29.

Organizers say the Expo targets the dynamic real estate markets of South Carolina, North Carolina and Georgia.

It also will encompass national and global businesses that are interested in the record level real estate investment activity in the area.

Officials say the bustling Southeast region has transformed into a hotspot for population and business growth with one of fastest-growing real estate markets in the country.

They say the growing appeal of the Southeast is largely due to a more affordable cost of living, warm climate and steady residential/commercial development which continues to create strong job growth.

The Expo will feature local, national and international real estate and related businesses, products and opportunities.

The event planner is One National Real Estate.

Website: https://www.onenationalrealestate.com/southeast-real-estate-expo.html

Agenda: https://www.onenationalrealestate.com/southeast-real-estate-expo-agenda.html

Speakers: https://www.onenationalrealestate.com/southeast-real-estate-expo-speakers.html.

 

Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank,  announced its founder and CEO Art Seaver was awarded the Order of the Palmetto, the highest civilian honor given by the governor of South Carolina.

The award was presented by Jimmy Orders, chairman of the Board of Directors, at Southern First’s 25th Anniversary Celebration on April 12.

The Order of the Palmetto honors those who have made significant selfless contributions to the community, dedicating their time, resources, and goodwill to a variety of causes that benefit their fellow citizens and the prosperity of South Carolina.

Seaver founded Southern First in 1999 with a mission of impacting lives, and the bank officially opened its doors on Jan. 10, 2000.

Now serving eight growing markets in the Southeast with over $4 billion in assets, Southern First is one of the fastest growing and highest-performing banks in the country.

Seaver’s values of caring for and serving others have cultivated a strong family culture at the bank and a lasting impact on the Upstate community, officials said.

Seaver has given his time to many local nonprofits throughout his career. He currently serves on the board of the Phillis Wheatley Community Center and has served as chairman of the board for the United Way of Greenville County and chair of the Palmetto Society as well as on the Board of Directors for the Community Depository Institutions Advisory Council Federal Reserve Bank of Richmond, Thornblade Club, South Carolina Bankers Association, and Junior Achievement.

He has worked with Leadership Greenville, Greenville Chamber of Commerce, South Carolina Network of Business and Education Partnership, Greenville Convention and Visitors Bureau, Junior League, and First Presbyterian Church.

Said Orders: “While his accomplishments in business are considerable, the true purpose of this award is to recognize individuals whose actions have had a positive and lasting impact on others in the community, and that is Art Seaver.”

“This award doesn’t come without so many people saying yes and buying into a dream where we serve others. I am deeply humbled and honored,” said Seaver.

Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina.

The company’s wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina.

Southern First Bank has been providing financial services since 1999 and operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. 

 

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