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Thames Valley builders merchants bought by private investment company

Grant and Stone

Private investment company Cairngorm Capital Partners has acquired Grant & Stone Limited, a High Wycombe-based independent builders’ merchant based in the Thames Valley and its ecommerce subsidiary, Trading Depot UK Limited,  in Maidenhead. 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 an independent, family-run builders merchants. Through three specialist building, plumbing and electrical divisions, it 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. Its ecommerce subsidiary, Trading Depot, was launched in March 2008 as a one-stop solution for competitively priced  building supplies and tools to trade and retail customers. Grant & Stone employs 360 people and in 2019, achieved revenues of £100 million.

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 aims to expand Grant & Stone through a combination of new branch openings and acquisitions.  The ambition is to increase the scale of the business to become a market leader in the builders’ merchant sector in the region.

The incumbent management team will be supported by a strengthened board led by David Moore, who joins as non-executive Chairman and John Declerck who joins as a non-executive director. David has over 20 years’ experience in the building materials sector, is the Chair of Customade and MRO+ Solutions, and the former CEO of MKM and Ultraframe plc. John Declerck has over 20 years’ global experience from leading building products distribution companies including Kingfisher and Home Depot in North America. Both bring invaluable experience of developing and strengthening businesses in the building supplies sector.

Cairngorm Capital’s investment was led by Stuart Whiteford and Andrew Steel. Andrew said: “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).

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