A Cornish company has been bought by the largest independent builders' merchant group in the South of England in a private equity-funded deal.
Cornish Fixings (Redruth) Ltd, a single branch business, has been snapped up by Independent Builders Merchant Group (IBMG) which has 156 branches from Cornwall to Kent, with combined revenues in excess of £500m and more than 1,700 employees.
This acquisition, funded by IBGM’s owner Cairngorm Capital Partners, continues the company’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 the presence of Barnstable-based RGB, the South West firm which is part of IBGM, in Cornwall and provides a strong platform for further growth across the Redruth area.
IBMG said that culturally, both companies are highly aligned, sharing a common vision, independent ethos and commitment to providing the highest standards of customer service.
Cornish Fixings, based in Redruth, supplies a broad range of building materials to trade and retail customers across Cornwall. The new partnership with IBMG resolves future succession for Cornish Fixings and secures a custodian for the business with it becoming part of RGB and Jon Sawyer, Cornish Fixings’ owner, continuing with the business by working with Andy Gamble, RGB’s managing director to grow RGB’s presence in Redruth.
Mr Gamble 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.”
Mr Sawyer said: “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.”
IBNG primarily serves trade customers with heavyside building materials, civils, plumbing, wholesale electricals, roofing, timber and ancillary product lines including kitchens, bathrooms, joinery and architectural ironmongery.
In 2021 it acquired Perrys Builders Merchants Ltd in Plymouth, which had been set up in 2000. Perrys joined RGB and founder Mark Periton continued with the business.
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 and is 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 portfolio includes majority owned stakes in Building Supplies Online, E-zec Medical, IBMG, Millbrook Healthcare, MRO+ Solutions Group, National Timber Group, PaintWell, Sentry Doors, Verso Wealth Management and Whyte Bikes.
For the Cornish Fixings transaction, IBMG was advised 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).
