NEW YORK, Oct. 18, 2021 /PRNewswire/ -- BBH Capital Partners (BBHCP) today announced that it has completed a growth capital investment in The Granite Group (Granite or the Company), in partnership with existing management and the Condron family. Founded in 1971 and based in Concord, NH, Granite distributes plumbing, heating, cooling, water, and propane supplies to residential and commercial contractors across New England through 47 wholesale branches and its e-commerce operation. Granite plays a critical role in the market, providing a value-added, in-person experience for the professional segment via a strategically located, customer-centric, and densely distributed branch network that compares favorably to national competitors in the New England market.
"The investment in Granite is an attractive opportunity for BBHCP to partner with another well-managed family-owned and operated business that was seeking a partner to help execute on the next phase of its growth plans," said Brad Langer, Managing Director of BBH and Co-Manager of BBHCP. "We were attracted to Granite due to its strategic geographic footprint, established branch network, reputation for best-in-class customer service, technical expertise, and the strength of the management team, led by CEO Bill Condron." Matthew Salsbury, Senior Vice President of BBH and Principal of BBHCP added, "Bill and his management team have a long track record of growth and have established Granite as a leader in the New England market. BBHCP is excited to support Granite though its next phase of expansion."
"BBH is well known to the Condron family, serving as the initial banking partner of our founder, Kevin Condron," said Granite's President and CEO, Bill Condron. "BBHCP shares our goal of continuing to grow The Granite Group to better serve our customers and create exciting opportunities for our employees." G2 Capital Advisors served as the exclusive sell-side advisor to The Granite Group on the transaction.
About The Granite Group
The Granite Group (Granite) distributes plumbing, heating, cooling, water and propane supplies to contractors and fuel dealers across New England through over 47 wholesale branches and our Online Store. The company also operates 15 retail showrooms under The Ultimate Bath Store name, offering an expertly-trained staff to assist with product selection and an extensive array of decorative plumbing fixtures and accessories. In 2016, The Granite Group launched their "Online Store," a best-in-class E-Business portal built specifically for its core customers.
About BBH Capital Partners
BBH Capital Partners (BBHCP), a private equity strategy of Brown Brothers Harriman & Co., provides friendly capital solutions to growth-oriented middle-market companies. Our flexible investment mandate gives us the ability to act as a control or non-control investor and to structure our investments as a combination of equity and subordinated debt securities as needed. BBHCP is currently investing through two funds, BBH Capital Partners VI, L.P. (CP VI) and CP Opportunities Fund, L.P. (CP Opportunities). CP VI, a $1.215 billion fund, targets platform investments between $40 million and $150 million and CP Opportunities, a $250 million fund, targets platform investments up to $30 million. Our capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations, buy-and-build strategies, and acquisitions.
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SOURCE Brown Brothers Harriman