Cairngorm acquires Grant & Stone

Grant & Stone is the first investment from Cairngorm's third fund, Cairngorm Capital Partners III. The private equity firm acquired the business from the founding shareholders.

Cairngorm will partner with the company's management team, led by chief executive Nick House. The incumbent management team will be supported by a board led by David Moore, who joins as non-executive chair, and John Declerck, who joins as a non-executive director. The GP stated it would also provide specialist operational and sector expertise in procurement, technology and marketing to help accelerate growth and transformation.

Grant & Stone will operate as a separate, independent business from Cairngorm's other building supplies brands.

The PE house said it would help Grant & Stone expand through a combination of new branch openings and acquisitions.

Company
Founded in 1987 and headquartered in High Wycombe, Grant & Stone is a provider of products and services for the building, plumbing and electrical trades. It has 29 branches across the Thames Valley. Its e-commerce subsidiary, Trading Depot, was launched in March 2008 to serve both trade and retail customers. The company employs 360 people and reported revenues of £100m in 2019.

People
Cairngorm Capital Partners – Andrew Steel (managing partner); Stuart Whiteford (investment director).
Grant & Stone – Nick House (CEO); Bob Grant (founder).

Advisers
Equity – PwC (financial ​​due ​​diligence, tax); Gowling (legal); Collins M&A Consultants (corporate finance); JLT-Marsh (insurance due diligence).
Company – Pinsent Masons (legal).

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