Advisor to Inflexion on its investment in Huws Gray

We have advised Inflexion Private Equity on its minority investment in Huws Gray Limited (Huws Gray), one of the largest independent builders’ merchants in the UK. The value of the transaction was undisclosed. Huws Gray will continue to be majority owned and led by the existing management team.

As a result of the investment, Huws Gray will be strongly placed to expand its reach across the UK and lead the next phase of consolidation in the builders’ merchant market. The c.£12bn market remains highly fragmented with over 2,000 independent merchants operating in the UK.

Huws Gray was founded in 1990 in Anglesey, Wales and now operates from 56 trading locations, employing circa 800 staff. Over recent years, the company has achieved strong organic and acquisitive growth. The investment by Inflexion coincides with Huws Gray’s recent acquisition of Penrith Building Supplies, a well-respected, established builders’ merchants, and Huws Gray’s first acquisition in the Cumbria area. 

The Catalyst team included Keith Pickering and James Wolfe. Keith Pickering, Partner at Catalyst, commented: “We are delighted to have advised Inflexion on their investment in Huws Gray.  With additional capital behind them, the company is in a very strong position to maintain its impressive levels of growth and expand its national footprint across the UK. The UK builder’s merchant market is likely to enter a new stage of consolidation, as generational changes occur, with a handful of the larger and mid sized independents making the running as opposed to the Majors.

Simon Turner, Managing Partner of Inflexion, commented, “We are delighted to partner with the team at Huws Gray as they embark on further growth. The business has been driven by an exceptional management team, growing from a standing start three decades ago to become one of the largest independent builders’ merchants in the UK. The sector is at an exciting stage of development, with Huws Gray well placed to seek out and select add-on acquisition opportunities as it scales. We look forward to working together to expand Huws Gray’s footprint over the coming years.

Terry Owen, Managing Director of Huws Gray, commented, “We've built something very special at Huws Gray and we are excited to partner with Inflexion, a like-minded company who share the same values and objectives as Huws Gray. Inflexion has taken the time to understand our business and how we envisage its future. Crucially, and unusually for private equity firms, they were willing to take a minority stake, meaning we stay in control as we work together to accelerate our growth. The management team and I look forward to drawing upon the skills and experience of Inflexion as we seek to grow our business even further.”

This deal was made by affiliated funds advised by Inflexion Private Equity Partners LLP.

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