Builders’ merchant Ridgons has terminated its membership with the Plumbing and Heating Group as it has now been acquired by Huws Gray.
All Ridgeons’ purchases within PHG will cease on 31 December, except for Instinct products, which under PHG rules extends the right to continue to purchase and sell the Instinct range until 30 June 2019.
This follows the news earlier this week that Huws Gray had added independent merchant Ridgeons to its expanding roster.
Huws Gray said the acquisition would “significantly increase Huws Gray’s store base and broaden its national presence, making it the UK’s largest independent builders’ merchants”.
The transaction is the fifth acquisition made by Huws Gray in less than six months.
Terry Owen, CEO of Huws Gray, said: “The acquisition of Ridgeons represents a real milestone for our company as we become the largest independent builders’ merchants in the UK.
“Ridgeons is an excellent business with a genuine leadership position in its region and is a perfect addition to Huws Gray’s growing footprint.
“We were struck not only by the strength of the company, but also by the considerable similarities between our cultures and management style.”
Gordon Ridgeon, on behalf of the Ridgeon family, added: “Our priority was to find a new owner for Ridgeons with the same culture and values.
We are confident that in Huws Gray we have found a like-minded owner who will further strengthen the Ridgeon brand and continue to build on the success of the past 107 years.”
The investment was made by affiliated funds advised by Inflexion Private Equity Partners LLP.
Simon Turner, Managing Partner at Inflexion, said: “We are delighted to support this transformational acquisition for Huws Gray.
“The transaction creates a leading business of significant scale in the builders’ merchants market.
“We look forward to continuing to support Huw Gray’s management team as they execute their ambitious expansion plans.”