The 15-strong independent builders merchant has taken over Sussex Turnery and Moulding Company Limited (Stamco) in a deal that accelerates the firm’s growth strategy and takes its new combined turnover to £100million.
The acquisition was supported by Parker Building Supplies’ strategic partner, Cairngorm Capital, which also has majority stakes in BSO, National Timber Group, Sentry Doors, and Stevenswood Group.
Parker says the purchase is a key step in its strategy to expand its business through a combination of acquisitions, new site development and organic growth, as it strives to become the market-leading independent builders’ merchant in the South East of England.
Stamco, which has been trading since 1957, is a privately-owned, independent builders’ merchant and wholesale timber processing and distribution business. Headquartered in Hastings, it has five branches in Eastbourne, Hastings, Hove, Worthing and Rye and employs 180 people. Its latest accounts reported a revenue of £32million.
The acquisition was prompted by the retirement of Stamco owners, Mike Cullis and Roger Brightiff, who will remain in the business in the short-term, to ensure an effective handover and a smooth transition. Managing director, John Cornelius will join the Parkers senior management team to contribute to the combined company’s growth strategy.
The acquisition is strategically important for Parkers, as Stamco’s “highly complementary product range” provides the business with an opportunity for geographic expansion and to extend its offer. In addition to its heavyside offering, Parkers also supplies kitchens, plumbing, heating, bathrooms, joinery and architectural ironmongery. The business also recently opened two new plumbing centres, with its Crowborough and Tonbridge branches now able to offer customers the firm’s full range of plumbing, heating and bathroom products and accessories.
Parkers managing director Chris Maityard said: “Our goal is to become the leader in the independent builders’ merchant sector in the South East. 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.”
The new enlarged business will continue to be headquarted in Polegate, Sussex and brings Parker’s estate to 20 branches across Sussex and Kent, with combined revenues of more than £100million and more 450 employees.
Stamco owner Roger Brightiff said: “Once Mike and I had taken the decision to retire, our priority was to find a partner with shared goals and values who would help Stamco to fulfil its potential. Both companies have common heritage, outstanding product quality and commitment to the highest standards of customer service, which makes this partnership a very good fit. We are confident that Stamco is in very capable hands and that it will continue to thrive and prosper.”