Parkers buys Stamco to create larger Kent and Sussex merchanting group17 June 2019
Long-established Sussex merchant group Stamco has been acquired by Parker Building supplies for an undisclosed sum.
The acquisition creates a combined business with a turnover of more than £100m and 20 branches across Kent and Sussex.
It represents another timber and merchanting sector acquisition for private investment firm Cairngorm Capital, which as well as Parkers, owns the National Timber Group of leading timber companies.
“This is a key step in Parkers’ strategy to expand its business through a combination of acquisitions, new site development and organic growth,” a statement by Parkers said.
“Parkers aims to become the market-leading independent builders’ merchant in the South East of England.
The acquisition was prompted by the retirement of Stamco owners, Mike Cullis and Roger Brightiff, who will remain in the business short-term, to ensure an effective handover and a smooth transition. Managing director John Cornelius will join the Parkers senior management team.
Headquartered in Hastings, Stamco has five branches in Eastbourne, Hastings, Hove, Worthing and Rye, employing 180 people and achieving £32m turnover in 2018.
“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,” said Mr Brightiff.
“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,” said Chris Maityard, Parkers’ MD.