A Somerset-based building materials business has been acquired by a portfolio company of Cairngorm Capital Partners
Established in 2005, Wells-headquartered CRS Building Supplies provides a range of heavyside building materials to trade and retail customers from 12 branches across Somerset.
Cairngorm Capital’s portfolio company, Grant & Stone, has acquired and is merging with CRS. The acquisition, which was triggered by CRS’ owners’ succession planning, marks a step in Grant & Stone’s strategy to expand its business through a combination of acquisitions, new site development and organic growth.
Strategically, the partnership was said to be highly complementary, creating scale and a geographic extension for both companies, as well as a strong platform for further growth.
The enlarged group will have 44 branches operating from London to the South West, more than 500 employees and revenues in excess of £140m.
Founders Chris Waelchli and Richard Liddle will continue to lead the CRS businesses working with Peter Cudd, Grant & Stone’s chief commercial officer, to realise the growth opportunities that the partnership is expected to create.
CRS director Richard Liddle said: “Chris and I are proud of all that we have built to date but we recognise that as part of a larger group, the company will be able to achieve much more. Partnering with Grant & Stone will facilitate this and we look forward to continuing this success story together.”
The transaction was led by Alex Bayliss, managing director at Cairngorm Capital, who said: “CRS is highly successful builders merchant with a great independent culture and strong local brand. It has demonstrated impressive performance and a consistently successful branch opening strategy from its very outset, which pairs well with Grant & Stone.
“This is a significant step in Grant & Stone’s growth strategy. Our 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.”
Peter Cudd, Grant & Stone’s CCO added: “We are delighted to welcome CRS to the Group. We have much in common, making this a compelling partnership. Our company is at a really exciting point in its development and this partnership ensures that we are well positioned to progress the numerous growth opportunities available to us.”
Grant & Stone and Cairngorm Capital were advised on this transaction by Grant Thornton (financial and tax), Gowling (legal), and MDW Capital provided financing advice.
CRS was advised by Gregg Latchams (legal) and Old Mill (finance).
Source: Insidermedia
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