Lowe's Companies announced it has entered into a definitive agreement to acquire Maintenance Supply Headquarters, a leading distributor of maintenance, repair and operations (products to the multifamily housing industry, for a total transaction value of $512 million.

Based in Houston, Maintenance Supply Headquarters operates 13 distribution centers serving customers in 29 geographic areas, primarily in the western, southeastern and south central U.S., with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multifamily properties.

The acquisition is expected to be completed in Lowe's second fiscal quarter, following the receipt of regulatory approval and satisfactory completion of customary closing conditions. The transaction is expected to be accretive to Lowe's earnings in fiscal 2017.

Purchasing Maintenance Supply Headquarters is a step in Lowe's strategy to deepen and broaden its relationship with the pro customer and better serve their needs. When combined with Lowe's November 2016 acquisition of Central Wholesalers, a prominent MRO distributor in the Mid-Atlantic and Northeast, this acquisition will substantially expand Lowe's ability to serve the multifamily housing industry.

Upon the close of the Maintenance Supply Headquarters transaction, Lowe's combined multifamily MRO business will include 16 distribution centers in attractive regions throughout the nation generating more than $400 million in annual sales.

Founded in 2006, Maintenance Supply Headquarters' broad product offering includes appliance, plumbing, HVAC, lighting, hardware, electrical and other products for maintaining and renovating multifamily properties, as well as services such as renovation project support, custom fabrication and educational classes.