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Devondale Electrical Distributors has been acquired by Grant & Stone Group.
Established in 1981, Devondale is the largest independent electrical wholesaler in the South West. Operating from nine branches across Somerset and Devon, it provides an extensive range of electrical and ancillary products to electricians, electrical contractors and facilities managers. Known for its technical expertise and outstanding service, Devondale achieved revenues of £10m in 2020.
Devondale’s highly complementary branch network and product range provide the enlarged Grant & Stone Group with geographic expansion, product extension and a strong platform for further growth. Culturally, both companies are highly aligned, sharing a common vision, independent ethos and commitment to providing the highest standards of customer service.
For Devondale, this partnership secures the right custodian for the business to support future succession. Paul Wood, Devondale’s owner and Managing Director will continue to lead the business, working with Darren House, Managing Director of Grant & Stone’s electrical division, to realise the growth opportunities that this partnership will deliver.
Both teams worked tirelessly to hit the deadlines and maximise my return. It was a pleasure working with professional people who were straight talking and guided me through the transaction
Paul Wood, Managing Director of Devondale said, “I and the team are proud of all that we have built to date but we recognise that our company will be able to achieve much more as part of a larger group. Partnering with Grant & Stone will facilitate this growth and we look forward to continuing this success story together.”
Both PKF Francis Clark and Knights have supported Devondale for a number of years, through the previous change in ownership and the subsequent period of growth. The transaction represents a successful culmination of the business’s strategy to enhance further growth opportunities.
Paul Wood commented “The support of the team at PKF and Knights through the whole deal process was superb, both teams worked tirelessly to hit the deadlines and maximise my return. It was a pleasure working with professional people who were straight talking and guided me through the transaction.”
Chris Bishop, Associate Director at PKF Francis Clark said: ”It was a pleasure working with Paul on the transaction. Under his leadership we have seen the business go from strength to strength and we are delighted to have enabled Paul to realise value for his considerable efforts. It’s clear that there’s a great cultural fit between Grant and Stone and Devondale and we are excited to see the growth Paul has achieved continue under new ownership.”
James Eveling, Partner at Knights commented: “Having advised Paul on his acquisition of Devondale and supported the business since then, it was great to be able to play our part in this transaction. The relationship established between Paul and the Grant and Stone management team helped the deal go smoothly and bodes well for the future success of the business and its continued growth.”
The transaction comes on the back of a slew of acquisitions of builders’ and plumbers’ merchants by Grant & Stone in the South West of England, including the recent RGB sale. The transaction was funded by Cairngorm Capital, a specialist private investment firm providing equity capital and management expertise which has a track record in supporting the transfer of businesses from founders, families, and long-term private owners to new custodians. Cairngorm Capital and Grant & Stone were advised by Grant Thornton (financial and tax), and Gowling (legal).
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