Cairngorm Capital Partners have announced the acquisition Grant & Stone Limited, an independent builders’ merchant based in the Thames Valley and its ecommerce subsidiary, Trading Depot UK Limited.
Cairngorm Capital is acquiring the business from its founding shareholders and supporting the current management team, led by Chief Executive, Nick House.
Established in 1987, Grant & Stone is a provider of products and services for the building, plumbing and electrical industries. The firm has 29 branches across the Thames Valley, consisting of builders’ merchants, electrical wholesalers, plumbers’ merchants, timber merchants, as well as eight kitchen and bathroom showrooms.
Trading Depot was launched in March 2008 as a one-stop solution for building supplies and tools to trade and retail customers.
Headquartered in High Wycombe, Grant & Stone employs 360 people and in 2019, achieved revenues of £100m.
This is Cairngorm Capital’s 23rd proprietary transaction since July 2016. Grant & Stone will operate as a separate, independent business from Cairngorm Capital’s other building supplies brands.
Cairngorm Capital’s investment was led by Stuart Whiteford and Andrew Steel.
Steel commented: “Grant & Stone is an excellent example of the sort of business in which we like to invest. Its employees, product range, technical know-how and customer service are all exceptional. We are delighted to contribute the investment funding and industry expertise to support Grant & Stone in the next stage of its growth.”
Nick House, Grant & Stone’s Chief Executive said: “We welcome the investment and support from Cairngorm Capital. Our company is at a really exciting point in its development and is ready to capitalise on the numerous growth opportunities available to it. We have ambitious plans to fulfil but also the advantages of exceptional products, first-rate employees and a well-deserved reputation for superior service. I am looking forward to the next phase of our development.”
Cairngorm Capital was advised on this transaction by PwC (financial and tax), Gowling (legal), Collins M&A Consultants (Corporate Finance), and JLT-Marsh (Insurance). Grant and Stone shareholders were advised by Pinsent Masons (legal).