London and Edinburgh, 27 October 2021
Cairngorm Capital Partners is pleased to announce that its portfolio company, Independent Builders Merchant Group (IBMG), has acquired Perrys Builders Merchants Limited (Perrys).
Established in 2000, Perrys is a one branch builders’ merchant supplying broad range of building materials to trade and retail customers in and around Plymouth. It is a trusted local brand, with a reputation for outstanding customer service.
This acquisition continues IBMG’s strategy of developing its divisions through a combination of acquisition, new site development and organic growth. Strategically it fulfils a long standing objective for its south west division, extending RGB’s presence into Plymouth and providing a strong platform for further growth across the South Hams and Plymouth area. Culturally, both companies are highly aligned, sharing a common vision, independent ethos and commitment to providing the highest standards of customer service.
This partnership resolves future succession for Perrys and secures the right custodian for the business – one with shared vision and values. Perrys will join RGB and Mark Periton, Perrys’ Founder, will continue with the business working with Andy Gamble, RGB’s Managing Director, to grow RGB’s presence in Plymouth and the South Hams area.
Andy Gamble, Managing Director of RGB said, “We are delighted to welcome Mark and Perrys to the Group. We have known one another for over 30 years and have much in common so this is a strong and logical partnership. Geographically, this is hugely complementary so we are delighted to be able to strengthen the provision of our services in Plymouth and the surrounding South Hams area.”
Mark Periton, Managing Director of Perrys said, “The team and I are proud of all that we have built to date but we recognise that our company will be able to achieve much more as part of a larger group. Partnering with RGB will facilitate this growth and we look forward to continuing this success story together.”
IBMG was advised on this transaction by Wilson Partners (financial due diligence and tax) and FSP Law (legal). Perrys were advised by Bright Solicitors (legal) and Sheppard Accountants (accountancy).
For further information, please contact Katherine Ritchie on 020 8347 6183 or 07941 040021
Notes for editors
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:
Building Supplies Online
Independent Builders Merchants Group
MRO+ Solutions Group
National Timber Group
Verso Wealth Management
Independent Builders Merchants Group is the largest independent builders merchant group in the South of England. The business primarily serves trade customers with an extensive range of heavyside building materials, civils, plumbing, wholesale electricals, roofing, timber and ancillary product lines including kitchens, bathrooms, joinery and architectural ironmongery. Independent Builders’ Merchant Group has 134 branches operating from Cornwall to Kent, with combined revenues in excess of £500 million and over 1,700 employees.
Perrys Builders Merchants is a one branch builders’ merchant supplying broad range of building materials to trade and retail customers in and around Plymouth. It is a trusted local brand, with a reputation for outstanding customer service.
View the pdf version: Cairngorm Capital Release 27.10.2021 pdf