Huws Gray’s has acquired Penrith Building Supplies making this its first acquisition into Cumbria.
Huws Gray has secured a minority investment from Inflexion Private Equity, a UK’s independent mid-market private equity firms.
The company will continue to be majority owned and led by the existing management team. The company is well placed to benefit from the consolidation of the builders merchant market and to expand its geographical reach across the UK.
The investment by Inflexion co-incides secured the move to Cumbria and the acquisition, as a whole, comes with new and exciting challenges as the company expands to new territory.
Terry Owen, Managing Director of Huws Gray said: “The recent acquisition of Penrith Building Supplies reflects the exciting opportunities that comes with the new investment from Inflexion. We aim to make further acquisitions in 2018 and generate exciting opportunities for our employees and strengthen our presence in the UK.
“We've built something very special at Huws Gray and we are excited to partner with Inflexion, a like-minded company who share the same values and objectives as Huws Gray. Inflexion has taken the time to understand our business and how we envisage its future. Unusually for a private equity firm, they were willing to take a minority stake, meaning we stay in control as we work together to accelerate our growth. The management team and I look forward to drawing upon the skills and experience of Inflexion as we seek to grow our business even further.”
Simon Turner, Managing Partner of Inflexion, said: “We are delighted to partner with the team at Huws Gray as they embark on further growth. The business has been driven by an exceptional management team, which has grown from a standing start three decades ago, to become one of the largest independent builders merchants in the UK. The sector is at an exciting stage of development, with Huws Gray well placed to seek out and select add-on acquisition opportunities as it scales. We look forward to working together to expand Huws Gray’s footprint over the coming years.”
The Manchester office of Addleshaw Goddard has advised Huws Gray and its shareholders on the investment by Inflexion in Huws Gray. The 38 person AG team was led by partners Roger Hart and Andy Green and included Ben Edwards, Ollie Hincks, Mark Guttridge, Amanda Whitaker, Claire Dyer, Jemma Clarke, Kyle Rainsford, Millie Johnson, Rosie Kight and Josie Marsden.