BBH Capital Partners exits Granite Group in sale to Watsco

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

Granite was founded in 1971 and serves customers in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island and New York through about 82 locations, roughly 11,000 customers and about 29,000 SKUs from more than 450 vendors. BBHCP said the company added more than 35 net new branches during its partnership through organic growth and acquisitions.

BBH's Brad Langer said the sale represents an excellent outcome for the company, the Condron family and investors. BBHCP described Granite as its first outside equity partner, and Granite CEO Bill Condron said the partnership helped the company preserve its culture while growing.