Parker Building Supplies has acquired Sussex Turnery and Moulding Company Limited (Stamco), with the support of its strategic partner, Cairngorm Capital.
This is a key step in Parkers’ strategy to expand its business through a combination of acquisitions, new site development and organic growth.
Established in 1957, Stamco is a privately-owned, independent builders’ merchant and wholesale timber processing and distribution business. Headquartered in Hastings, it has five branches in Eastbourne, Hastings, Hove, Worthing and Rye. Stamco employs 180 people and in 2018, achieved £32 million in revenue.
The acquisition was prompted by the retirement of owners, Mike Cullis and Roger Brightiff, who will remain in the business short-term, to ensure an effective handover and a smooth transition. Managing Director, John Cornelius, will join the Parkers senior management team to contribute to the combined company’s growth strategy.
This offers Parkers the opportunity for geographic expansion and to extend its product range. The new enlarged business will continue to be headquarted in Polegate, Sussex, has 20 branches across Sussex and Kent, with combined revenues of more than £100 million and over 450 employees.
Brightiff said: “Once Mike and I had taken the decision to retire, our priority was to find a partner with shared goals and values who would help Stamco to fulfil its potential.
“Both companies have common heritage, outstanding product quality and commitment to the highest standards of customer service, which makes this partnership a very good fit. We are confident that Stamco is in very capable hands and that it will continue to thrive and prosper.”
Chris Maityard, Parkers’ Managing Director, added: “Our goal is to become the leader in the independent builders’ merchant sector in the South East. To do this we have been working to build a customer focused business, with great products, outstanding customer service and a strong, expanding branch network.
“Stamco has very similar values and ambitions to us and a skilled and committed workforce, so this partnership offers the potential for exciting opportunities going forward.”