A team of experts from the international law firm, Gowling WLG has advised Cairngorm Capital on its merger of Grant & Stone and IBMG in order to create the largest builders' merchant group in the South of England.
The newly merged group will comprises of 123 branches, revenues in excess of £500 million and over 1,700 employees. It also extends from Cornwall to Kent and includes builders' merchants, electrical wholesalers, plumbers' merchants, kitchen and bathroom showrooms, roofing merchants, a timber-processing site and a dedicated ecommerce business.
At a group level, the new combined company will be known as Independent Builders Merchant Group (IBMG). However, given the strength and trust invested in the group's 12 brands, the existing trading names and brands will continue to be used for all customer-facing activity.
Gowling WLG's team advising on the deal was led by corporate M&A / private equity partner Ian Piggin supported by Ben Parker (both corporate), as well as banking and finance partner, Alasdair Mackenzie who was supported by associate Paul Maxey on banking advice.
Commenting, Ian said:
"It has been a pleasure to provide advice on such a milestone merger for the builders' merchant industry in the South East. It will be exciting to see the positive effect this will have on meeting customer needs in the region."
Alex Bayliss, managing director of Cairngorm Capital, said:
"The team from Gowling WLG worked well with us and our other advisor partners to bring about a merger which is core to the objective we set out to meet when we first acquired the separate businesses - so it's great to see this finally come to fruition."