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High Wycombe electrical wholesalers acquires timber supply business

3Counties Timber & Building Supplies Limited

High Wycombe building, plumbing and electrical wholesalers Grant & Stone has acquired 3Counties Timber & Building Supplies Limited (3Counties). This is a key step in the execution of Grant & Stone’s strategy to expand its business through a combination of acquisitions, new site development and organic growth.

Established in 2007, 3Counties Timber & Building Supplies provides a broad range of heavy and lightside building materials to individuals, contractors and commercial entities across Hertfordshire, Bedfordshire and Buckinghamshire. A trusted local brand with the reputation for outstanding customer service, 3Counties also offers bespoke timber services from its branches in Aylesbury and Hemel Hempstead. The acquisition was triggered by 3Counties’ owners’ succession planning.

Richard Dawson, Managing Director of 3Counties, will join Grant & Stone, working with Mat Miller, Managing Director of Grant & Stone’s Builders & Timber Merchants division, to support 3Counties’ successful integration.

The transaction was led by Alex Bayliss, Managing Director at Cairngorm Capital, which owns a majority stake in Grant & Stone. He said: “3Counties is an excellent company with a strong brand in the builders’ merchants and timber distribution markets. Despite the challenges instigated by Covid-19, Grant & Stone has remained resilient with a clear focus on delivering outstanding customer service. This is the first of a series of planned acquisitions for Grant & Stone, whose experienced leadership team has the talent and appetite to lead a much enlarged company. We are delighted to help Grant & Stone pursue its strategic ambitions.”

Nick House, Grant & Stone’s Chief Executive said, “We are delighted to welcome 3Counties to the Group. Our shared values, vision and commitment to customers makes for an obvious partnership. Our company is at a really exciting point in its development – together, we are able extend our geographic presence and are well positioned to capitalise on the numerous growth opportunities available to us.”

Richard Dawson, Managing Director of 3Counties said, “The Directors are proud of all that we have achieved to date but we recognise that the company has the potential to achieve much more. This is the natural point for us to pass the company to new, trusted custodians who can deliver on its future potential. We are confident that 3Counties is in good hands with Grant & Stone and will go from strength to strength.”

This is Cairngorm Capital’s 25th proprietary, off-market transaction since July 2016. All of Cairngorm Capital’s portfolio companies have performed well throughout the pandemic-driven lockdown period and have returned to growth. The firm is seeking bolt-ons and new platforms across the building materials, fire protection, healthcare and business services sectors.

Grant & Stone and Cairngorm Capital were advised on this transaction by PwC (financial and tax), Gowling (legal), Vail Williams (property) and MDW Capital Partners provided financing advice. The sellers were advised by Andrea Smith of Franklins Solicitors and Fortus as corporate finance advisors.

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