Builders merchant Ridgeons is bought by Huws Gray
- Credit: Archant
East Anglian builders merchant Ridgeons has been bought in a multi-million pound deal.
The company, which employs 850 staff, has been snapped up by Huws Gray which now becomes the UK's largest independent builders merchants.
It has been growing rapidly through acquisition and the deal represents the fifth purchase by Huws Gray in less than six months.
Ridgeons was founded 107 years ago by the Ridgeon family and has 40 sites across East Anglia, including five sites in Norwich, seven in Suffolk and two in Essex.
Terry Owen, chief executive of Huws Gray, said the deal was 'a real milestone', adding: 'Ridgeons is an excellent business with a genuine leadership position in its region and is a perfect addition to Huws Gray's growing footprint. We were struck not only by the strength of the company, but also by the considerable similarities between our cultures and management style.'
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Gordon Ridgeon, on behalf of the Ridgeon family, said: 'Our priority was to find a new owner for Ridgeons with the same culture and values. We are confident that in Huws Gray we have found a like-minded owner who will further strengthen the Ridgeon brand and continue to build on the success of the past 107 years.'
The investment was made by affiliated funds advised by Inflexion Private Equity Partners LLP.
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In Norfolk, Ridgeons has sites on Reepham Road in Norwich, Snettisham, Attleborough, Diss, and Thetford. In Suffolk, its sites are in Ipswich, Sudbury, Newmarket, Martlesham Heath, Lowestoft, Halesworth and Bury St Edmunds.