BBH Capital Partners Private Equity (BBHCP) today announced the successful exit of its investment in The Granite Group (Granite), a diversified distributor of plumbing and HVAC products, in connection with Granite’s agreement to be acquired by Watsco, Inc. (NYSE: WSO).

Founded in 1971 and headquartered in Concord, New Hampshire, Granite is a third-generation, family-led distributor serving customers across New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. The company serves approximately 11,000 customers across 82 locations and offers approximately 29,000 SKUs sourced from more than 450 vendors.

Since 2010, Granite has achieved approximately 10% compound annual sales growth. During BBHCP’s partnership with Granite, the company built on its strong track record of growth by expanding its geographic footprint, customer base, and product offering. Over this period, Granite added more than 35 net new branches through a combination of organic growth and a purposeful acquisition strategy.

“We have greatly enjoyed working alongside Bill and his team to support their ambitious growth strategy,” said Brad Langer, Partner of Brown Brothers Harriman & Co. (BBH) and Co-Manager of BBHCP. “Granite is an exceptional family-owned business, built on a strong culture and a deep commitment to its customers and people. The sale to Watsco represents an excellent outcome for the company, the Condron family, and our investors. It is also a strong validation of our strategy of partnering with growing family- and founder-owned businesses.”

“We are grateful to the Condron family for the trust they placed in BBHCP as Granite’s first outside equity partner, and to Bill, his leadership team, and all of Granite’s people for their hard work and commitment throughout our partnership,” said Matt Salsbury, Principal of BBH and Co-Manager of BBHCP. “We have tremendous respect for Watsco and believe they will be an excellent home for Granite as the company begins its next chapter of growth.”

“I could not have asked for a better partner for Granite and our people over the past five years than BBHCP,” said Granite’s CEO, Bill Condron. “As a family, we gave considerable thought to selecting our first outside equity partner, and BBHCP did exactly what they said they would do – supporting our growth strategy and investing alongside us to build a stronger company. Most importantly, BBHCP understood what makes Granite so special. They enabled us to preserve our culture, remain focused on our people, and stay true to who we are. I am grateful for their partnership and proud of what we have accomplished together.”

Houlihan Lokey served as exclusive financial advisor and Ropes & Gray LLP served as legal counsel to Granite.

About BBH Capital Partners Private Equity

BBH Capital Partners Private Equity (BBHCP), a private equity strategy of Brown Brothers Harriman & Co. (BBH), provides flexible, customized equity capital solutions to growth-oriented middle-market businesses with a focus on providing the first institutional equity capital to founder-, family-, and/or management-owned companies. A flexible investment mandate gives BBHCP the ability to act as a control or non-control investor. BBHCP targets platform investments between $50 million and $150 million and the capital is used to support a variety of transactions, including management or leveraged buyouts, growth financings, recapitalizations, buy-and-build strategies, and acquisitions. www.BBH.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20261012434425/en/