Penningtons Manches’ corporate team advised the shareholders of building ecommerce business Building Supplies Online (BSO) on its strategic investment from Cairngorm Capital Partners LLP. Oxford corporate partner Will Axtell led the Penningtons Manches team, principally assisted by associate Dominique Sabatini.
Founded in 2010 and based in Banbury, BSO is an online distributer of building products, offering competitively priced building supplies and tools to trade and retail customers. With over 50,000 items on its website, BSO offers one of the largest ranges of building products available online in the UK. Cairngorm Capital is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in well-performing, private mid-market growth companies in manufacturing, distribution and services industries.
Ian Baldwin, director of BSO, said: “Finding the right partner to help us achieve the next stage of growth was crucial for us. Cairngorm Capital’s team and network of operating partners directly aligned with our ambitions and both have the track record and sector expertise to mentor us and support our growth plans. With Cairngorm Capital’s involvement we will be in a position to accelerate the scale and range of our business, for the benefit of our customers and suppliers.”
His brother Craig Baldwin, also a director of BSO, said: “We enjoyed working with Will and Dominique, who provided commercial, practical and responsive advice. The advisory teams worked well together helping us to complete the transaction in less than two months from the heads of terms.”
This deal is the latest in a series of high profile transactions that the Penningtons Manches’ corporate team has advised on this year. Following revenue growth of 29% in 2016-17, the team continues to build momentum and has completed over 100 transactions so far this year with an aggregate deal value of over £1 billion.
Cairngorm Capital was advised on this transaction by RSM (financial and tax) and Squire Patton Boggs (legal). BSO shareholders were also advised by Shaw Gibbs (financial).