Cairngorm Capital acquires Grant & Stone
Specialist private investment firm, Cairngorm Capital Partners (Cairngorm Capital), has acquired independent builders’ merchant, Grant & Stone, and its commence subsidiary, Trading Depot UK Limited.
Cairngorm Capital has acquired Grant & Stone from its founding shareholders and will support the current management team, led by Chief Executive, Nick House.
House says: “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.”
Established in 1987, Grant & Stone provides products and services for the building, plumbing and electrical trades. Via its 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 solution for competitively priced building supplies and tools for trade and retail customers. Headquartered in High Wycombe, Grant & Stone employs 360 people and in 2019, achieved revenues of GBP100 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. Grant & Stone will benefit from capital and expert strategic guidance to support its geographic expansion and new customer acquisition. 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.
Cairngorm Capital’s investment was led by Stuart Whiteford and Andrew Steel.
Steel says: “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.”
Bob Grant, a retiring founders of Grant & Stone says: “For over 30 years, our priority has been to provide our customers with the best products and outstanding customer service. Susan Grant, Richard Stone, Susan Stone and I 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. I am confident that Grant & Stone is in good hands and will go from strength to strength.”