BELOIT—ABC Supply has announced a pending agreement to buy out Chicago-based L&W Supply, a distributor of residential and commercial interior building materials. Beloit-based ABC Supply announced this week it reached an agreement to buy L&W Supply but did not disclose financial terms of the deal. ABC Supply, which supplies and distributes construction materials nationwide, says the L&W supply deal is one of the company's largest buyouts. The deal would expand ABC Supply operations to 700 locations in 49 states, and the company expects the deal would boost ABC's annual sales to $8 billion. L&W Supply, which currently is owned by USB Corp., operates 136 branches in 35 states, and the company reported revenues of $1.4 billion last year. L&W supplies interior building materials including wallboard, suspended ceilings, steel studs, joint treatment, insulation, fasteners and related building products. ABC says L&W Supply would operate as a separate division. The buyout is pending federal review under antitrust law, but it's expected to close in the fourth quarter of 2016.