High Wycombe, 1 March 2021: Grant & Stone Group, the leading independent builders' merchant in the Thames Valley and the South West, is pleased to announce its acquisition of Total Plumbing Supplies Limited (TPS), advancing its strategy to expand through a combination of acquisition, new site development and organic growth.
Established in 2001, TPS is a highly regarded, independent plumbers’ and heating merchant supplying trade and retail customers across Dorset, Wiltshire, Somerset and Devon. Headquartered in Honiton, Devon, TPS has five branches each offering a broad range of plumbing and heating supplies, as well as dedicated kitchen and bathroom showrooms. The acquisition was initiated by TPS’ owners’ succession planning.
Strategically, the partnership is highly complementary, consolidating Grant & Stone’s presence in the South West and extending the Group’s plumbing and heating offering in the region. It complements the Group’s recent acquisition in the region, CRS in Somerset, as well as providing 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.
Founders, Clive Handford and Ian Moses will continue to lead the TPS business, working with Matt Bland, Managing Director of Grant & Stone’s plumbing and heating division, to support its successful integration into the Grant & Stone Group.
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 advances the Group’s ambition for further growth and future partnerships.
Matt Bland, Managing Director of Grant & Stone’s heating and plumbing division, said, “We are delighted to welcome TPS to the Grant & Stone 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.”
Ian Moses, co-founder of TPS said, “Clive and I are proud of all that we have achieved 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.”
Grant & Stone was advised on this transaction by Grant Thornton (financial and tax) and Gowling (legal. TPS was advised by Bishop Fleming (corporate finance) and Squire Biggs (legal).
Grant & Stone Group: 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, Grant & Stone has 44 branches stretching from London to the South West. Headquartered in High Wycombe, the Grant & Stone Group employs over 700 people and in 2020, achieved revenues of £140m.
Total Plumbing Supplies Limited: Established in 2001, Total Plumbing Supplies (TPS) is a highly regarded, independent plumbers’ and heating merchant supplying trade and retail customers across Dorset, Wiltshire, Somerset and Devon. Headquartered in Honiton, Devon, TPS has five branches each offering a broad range of plumbing and heating supplies, as well as kitchen and bathroom design services.
Cairngorm Capital Partners LLP is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in strongly-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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