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A Rona store is seen on Nov. 5, 2018 in St. Eustache, Que.

Ryan Remiorz/The Canadian Press

Lowe’s Canada says it has reached an agreement to sell its Ace Canada business to the owner of TSC Stores as part of its restructuring that saw it close 34 underperforming Rona and Lowe’s stores.

The home improvement retailer says the agreement will see Rona Inc. sell the Ace assets to Peavey Industries, which operates 92 stores in the country under the Peavey Mart, MainStreet Hardware and TSC banners for an undisclosed price.

Rona will assign to Peavey the licence and distribution agreements with the subsidiary of Ace Hardware Corp. in Canada and the corporate Ace Hardware store in The Pas, Man.

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It will also transfer agreements with 104 independent Ace Hardware stores in Canada that will see Peavey gradually assume responsibility to supply the stores and its website.

Lowe’s will continue to be wholesale supplier of lumber and building materials for Peavey Industries’ independent dealers after the transition period.

The Canadian division of the U.S. retailer says the business being transferred represents less than 10 per cent of to sales volume of Lowe’s affiliated dealer division

“We understand Canadian communities and we are looking forward to building even stronger community relationships, strengthening our bond with our loyal customers,” stated Doug Anderson, president and CEO of Peavey Industries LP.

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