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Sun November 17 2019

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Venture capitalists combine builders’ merchants

18 Jun Parker Building Supplies has taken over Sussex Turnery & Moulding Company (Stamco).

Parker Building Supplies has taken over Stamco
Parker Building Supplies has taken over Stamco

Parker was itself taken over by private equity investor Cairngorm Capital in early 2018, which put in place a new management team to lead a growth push.

Cairngorm aims to make Parkers “the market-leading independent builders’ merchant in the southeast of England”. This is its first acquisition.

Stamco is a privately-owned, independent builders’ merchant and wholesale timber processing and distribution business. Established in 1957, its headquarters are in Hastings and it has five branches in Eastbourne, Hastings, Hove, Worthing and Rye.  Stamco employs 180 people and in 2018 generated revenue of £32m.

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The acquisition was prompted by the retirement of owners, Mike Cullis and Roger Brightiff, who will remain in the business for a short handover period. Managing director John Cornelius is joining the Parkers senior management team.

Parkers described the acquisition as strategically important, as it offers the opportunity for geographic expansion and product range extension. The new enlarged Parkers business, headquarted in Polegate, Sussex, now has 20 branches across Sussex and Kent, with combined revenues of more than £100m and more than 450 employees.

Parkers managing director Chris Maityard said: “Our goal is to become the leader in the independent builders’ merchant sector in the southeast. To do this we have been working to build a customer-focused business, with great products, outstanding customer service and a strong, expanding branch network. Stamco has very similar values and ambitions to us and a skilled and committed workforce, so this partnership offers the potential for exciting opportunities going forward.”

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