Cairngorm Capital’s Acquisition Of Grant & Stone Limited


Gowling WLG advised private equity firm Cairngorm Capital on its acquisition of Grant & Stone Limited.

Cairngorm Capital is acquiring the business and its ecommerce subsidiary, Trading Depot UK Limited, from its founding shareholders and supporting the current management team, led by chief executive, Nick House.

Grant & Stone will operate as a separate, independent business from Cairngorm Capital’s other building supplies brands, and is the latter’s 23rd proprietary transaction since July 2016. A key objective of the new owners is to expand Grant & Stone through a combination of new branch openings and acquisitions. Indeed, the overall ambition is to increase the scale of the business to become a market leader in the builders’ merchant sector in the region.

Established in 1987, Grant & Stone is a leading independent builders’ merchant based in the Thames Valley region and achieved revenues of £100 million in 2019.

A team from Gowling WLG, led by Corporate M&A / private equity partner Ian Piggin (Picture), advised on the deal.

Other members of the team assisting included director Neil Hendron (corporate), principal associates Dhruv Chhatralia (corporate), Alasdair Mackenzie (banking and finance), senior associate Sian Dewing (corporate) and associate Fabiano Iesini (corporate).

Cairngorm Capital’s investment was led by managing partner Andrew Steel and investment director Stuart Whiteford.

Cairngorm Capital was also advised on the transaction by PwC (financial and tax) and Collins M&A Consultants (Corporate Finance).

Involved fees earner: Dhruv Chhatralia – Gowling WLG; Sian Dewing – Gowling WLG; Neil Hendron – Gowling WLG; Fabiano Iesini – Gowling WLG; Alasdair McKenzie – Gowling WLG; Ian Piggin – Gowling WLG;

Law Firms: Gowling WLG;

Clients: Cairngorm Capital;

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