The acquisition is part of Lowe's move to provide more options for professional builders. The Mooresville, North Carolina-based company recently closed on its $1.3 billion acquisition of Artisan Design Group, a provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to home builders and property managers.
Rival Home Depot has been making similar moves. In June the home improvement retailer announced that it was buying specialty building products distributor GMS for $4.3 billion.
GMS Inc. of Tucker, Georgia, is a distributor of specialty building products like drywall, steel framing and other supplies used in both residential and commercial projects.
Home Depot's acquisition of GMS came after it purchased SRS Distribution, a materials provider for professionals, last year for more than $18 billion including debt. SRS provides materials for professionals like roofers, landscapers and pool contractors.
Lowe's deal for FBM is expected to close in the fourth quarter.
Aside from the acquisition, Lowe's reported its fiscal second-quarter financial results on Wednesday. The company posted an adjusted profit of $4.33 per share, which topped the $4.23 per share that analysts polled by Zacks Investment Research expected.
Revenue totaled $23.96 billion in the period, which met Wall Street's expectations.
Lowe's raised its full-year sales outlook to a range of $84.5 billion to $85.5 billion. It previous predicted sales would be between $83.5 billion and $84.5 billion for the year.
The company's stock rose nearly 3% before the market open.