High Wycombe, 18 January 2021: Grant & Stone Limited, the leading independent builders' merchant in the Thames Valley, is pleased to announce its acquisition of and merger with CRS Building Supplies Limited (CRS), marking a decisive stage in its strategy to expand through a combination of acquisitions, new site development and organic growth.
Established in 2005, CRS Building Supplies provides a broad range of heavyside building materials to trade and retail customers from 12 branches across Somerset. Headquartered in Wells, CRS is a highly successful local brand, with the reputation for outstanding customer service, which has demonstrated continued organic growth since its formation.
Strategically, the partnership is highly complementary, creating scale and a geographic extension for both companies, as well as a strong platform for further growth. Culturally, both companies are highly aligned, sharing a common vision, independent ethos and commitment to providing the highest standards of customer service. The combined group will have 44 branches operating from London to the south west, over 500 employees and revenues in excess of £140m.
For CRS’ owners, the partnership secures the right custodian for their business to support future succession – one with shared values, who will maintain and respect their legacy. 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 this partnership will deliver.
Despite the challenges instigated by Covid-19, Grant & Stone has remained resilient with a clear focus of what it wants to achieve for the future. With the support of its strategic investment partner, Cairngorm Capital Partners, this acquisition provides a strong platform for further growth and future partnerships, which the company is keen to explore.
Peter Cudd, Grant & Stone’s Chief Commercial Officer, said, “We are delighted to welcome CRS to the Group. We have much in common, making this a strong and logical 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.”
Richard Liddle, Director of CRS 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.”
For further information, please contact Katherine Ritchie on 020 8347 6183 or 07941 040021
Grant & Stone Limited: Established in 1987, Grant & Stone is an independent provider of quality products and services for the building, plumbing and electrical trades. Via its three specialist building, plumbing and electrical divisions, it has 32 branches across the Thames Valley and northern Home Counties, 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 one-stop solution offering competitively priced, quality building, plumbing and electrical supplies to trade and retail customers. Headquartered in High Wycombe, Grant & Stone employs 360 people and in 2020, achieved revenues of £100m.
CRS Building Supplies Limited: Established in 2005, CRS Building Supplies provides a broad range of heavyside building materials to trade and retail customers from 12 branches across Somerset. Headquartered in Wells, CRS is a highly successful local brand, with the reputation for outstanding customer service, which has demonstrated continued organic growth since its formation.
Cairngorm Capital Partners LLP is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in well-performing, private mid-market growth companies in manufacturing, distribution and services industries. The firm’s goal is to build and realise value through growth and performance improvements. Cairngorm Capital’s unique mix of sectoral expertise and investment skill enables it to be actively involved in the strategy and operational focus of portfolio companies, partnering with management teams to grow revenue, enhance margins, improve cash flow or consolidate industry leadership positions.
Cairngorm Capital’s current portfolio includes majority owned stakes in:
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