Cairngorm Capital acquires Parker Building Supplies

This is the 13th proprietary transaction for Cairngorm since July 2016. Cairngorm's operating partner John Declerk will become executive chair of the business while Chris Maityard and Iain Bell will join as managing director and chief operating officer, respectively.

Incumbent lender Lloyds Banking Group will continue to provide banking facilities to support this transaction.

Cairngorm held a final close for its second fund on its £107.5m hard-cap last April. The total was more than double the £52.5m on which the GP closed its maiden fund in September 2015. The specialist private investment firm focuses on UK-based mid-market companies in the manufacturing, distribution and services industries. It currently has stakes in BSO, Customade Group, MJ Wilson, Parker Building Supplies, Stevenswood and Thornbridge.

Company
Founded in 1984, Parker Building Supplies serves trade and retail customers with its core offering of building materials, as well as an array of ancillary offerings including plumbing, joinery and architectural ironmongery. Headquartered in Polegate, East Sussex, the company generated revenues of £67m in 2017 from 15 locations across Sussex and Kent.

People
Cairngorm Capital – Alex Bayliss (managing director); Andrew Steel (managing partner).
Parker Building Supplies – Tom Park (retiring founder, managing director); John Declerck (executive chair).

Advisers
Equity – PwC (financial due diligence, tax); Gowling WLG (legal); JLT (insurance due diligence).
Vendor – Rix & Kay (legal); Haines Watts (financial due diligence).
Management – Capital Law (legal).

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