The South West’s largest independent electrical wholesaler Devondale has been acquired by builder’s merchant Grant and Stone for an undisclosed sum.
Devondale is headquartered in Marsh Barton, Exeter, and operates nine branches across Devon and Somerset.
Established in 1981, the business provides a broad range of products to electricians, electrical contractors and facilities managers. It achieved revenues of £10m in 2020.
Grant and Stone said the deal would support its growth plans in the region, including new branch openings and "strategic acquisitions".
It follows the company's acquisition of Barnstaple-based RGB Building Supplies in March, creating the largest independent builders’ merchant group in southern England.
That deal saw the expansion of the group to 74 branches, stretching from West London to Cornwall, with over 1,000 employees and combined revenues approaching £250m.
Announcing the agreement with Devondale, Grant and Stone said both companies were “highly aligned” culturally and it would “respect and maintain” Devondale’s legacy.
It also said the acquisition of Devondale’s “highly complementary” network of branches would allow it to extend its product offering as well as provide a “strong platform” for further growth.
As part of the new partnership, Paul Wood, Devondale’s owner and managing director, will continue to lead the business. He will work with Darren House, managing director of the electrical division Grant and Stone.
Mr Wood 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 and Stone will facilitate this growth and we look forward to continuing this success story together.”
Mr House added: “We are delighted to welcome Devondale to the group. We have much in common so this is a strong and logical partnership. Our company is at a really exciting point in its development and this partnership ensures that we are well positioned to progress the numerous growth opportunities available to us.”
