Ridgeons sold to Huws Gray in multi-million pound deal
Inflexion Private Equity portfolio company Huws Gray, an independent builders merchants, has acquired Ridgeons – the Cambridge UK timber and builders merchants trading from over 40 mixed branches in East Anglia.
The deal runs into many millions but no official figures are being disclosed. The acquisition follows the minority investment taken by Inflexion Partnership Capital I in Huws Gray in April.
Huws Gray has 60 branches located across north and mid Wales, the north west of England, the Midlands and Yorkshire. The transformational acquisition will significantly increase Huws Gray’s store base and broaden its national presence, making it the UK’s largest independent builders merchants.
Like Huws Gray, Ridgeons has a strong focus on the growing repair, improvement and maintenance segment, as well as a large and diversified customer base of over 16,000 clients. 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.”
Business Weekly understands that Stephen Hamilton of law firm Mills & Reeve in Cambridge and Lizzie Hill of Deloitte each ran a team advising on the sale. Rothschild provided the financial advice.