London and Edinburgh, 1 March 2022
Cairngorm Capital Partners is pleased to announce that its portfolio company, Independent Builders Merchant Group (IBMG) has acquired Cornish Fixings (Redruth) Limited (Cornish Fixings).
Cornish Fixings is a single branch builders’ merchant based in Redruth, supplying a broad range of building materials to trade and retail customers across Cornwall. 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 strengthens its south west division, extending RGB’s presence in Cornwall and provides a strong platform for further growth across the Redruth 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 Cornish Fixings and secures the right custodian for the business – one with shared vision and values. Cornish Fixings will join RGB and Jon Sawyer, Cornish Fixings’ owner, will continue with the business working with Andy Gamble, RGB’s Managing Director to grow RGB’s presence in Redruth, Cornwall.
Andy Gamble, Managing Director of RGB said, “We are delighted to welcome Jon and the Cornish Fixings team to the Group. We have much in common, so this is a strong and logical partnership. We are pleased to be able to strengthen the provision of our services in the Redruth area, for the benefit of our customers.”
Jon Sawyer, Cornish Fixings’ Founder, added “We are excited to be joining RGB and look forward to working closely with Andy and the RGB team. I am confident that this partnership will provide an excellent home for both our customers and our people, who will thrive within a highly respected, independent builders merchant focused on excellent customer service.”
IBMG was advised on this transaction by Grant Thornton (financial and tax), Gowling (legal) and Simon Funnell (property). Cornish Fixings was advised by Lang Bennetts (corporate finance) and Murrell Associates (legal).
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 156 branches operating from Cornwall to Kent, with combined revenues in excess of £500 million and over 1,700 employees.
Cornish Fixings is a single branch builders’ merchant, based in Redruth, supplying broad range of building materials to trade and retail customers across Cornwall. It is a trusted local brand, with a reputation for outstanding customer service.
View the pdf version: Cairngorm Capital Release 01.03.2022 pdf