Key Takeaways
- • BBH Capital Partners Private Equity (BBHCP) announced on October 12, 2026 the successful 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, founded in 1971 and headquartered in Concord, New Hampshire, is a third-generation, family-led distributor serving about 11,000 customers across 82 locations in seven northeastern states, with roughly 29,000 SKUs sourced from more than 450 vendors.
- • Granite achieved approximately 10% compound annual sales growth since 2010 and added more than 35 net new branches during BBHCP's partnership through organic growth and acquisitions.
- • BBHCP was Granite's first outside equity partner, investing alongside the Condron family over roughly five years.
- • Houlihan Lokey served as exclusive financial advisor and Ropes & Gray LLP as legal counsel to Granite; the transaction's purchase price was not disclosed in the source material.
Summary
BBH Capital Partners Private Equity, the private equity strategy of Brown Brothers Harriman & Co. (BBH), announced on October 12, 2026 that it has exited its investment in The Granite Group, a family-led distributor of plumbing and HVAC products, in connection with Granite's agreement to be acquired by Watsco, Inc. (NYSE: WSO), according to a BusinessWire release.
Founded in 1971 and headquartered in Concord, New Hampshire, Granite is a third-generation, family-owned distributor serving customers in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. The company serves approximately 11,000 customers across 82 locations and offers about 29,000 SKUs sourced from more than 450 vendors. Since 2010, Granite has delivered roughly 10% compound annual sales growth. During BBHCP's partnership, the company expanded its geographic footprint, customer base and product offering, adding more than 35 net new branches through a mix of organic growth and acquisitions.
Brad Langer, Partner of BBH and Co-Manager of BBHCP, described the sale as an excellent outcome for the company, the Condron family and investors, and a validation of the firm's strategy of partnering with growing family- and founder-owned businesses. Matt Salsbury, Principal of BBH and Co-Manager of BBHCP, said the firm has tremendous respect for Watsco and believes it will be an excellent home for Granite. Granite CEO Bill Condron said BBHCP, which became the company's first outside equity partner, supported its growth strategy while helping it preserve its culture.
Houlihan Lokey acted as exclusive financial advisor and Ropes & Gray LLP as legal counsel to Granite. BBHCP targets platform investments between $50 million and $150 million and typically provides first institutional equity capital to founder-, family- and management-owned middle-market companies.
Founded in 1971 and headquartered in Concord, New Hampshire, Granite is a third-generation, family-owned distributor serving customers in New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. The company serves approximately 11,000 customers across 82 locations and offers about 29,000 SKUs sourced from more than 450 vendors. Since 2010, Granite has delivered roughly 10% compound annual sales growth. During BBHCP's partnership, the company expanded its geographic footprint, customer base and product offering, adding more than 35 net new branches through a mix of organic growth and acquisitions.
Brad Langer, Partner of BBH and Co-Manager of BBHCP, described the sale as an excellent outcome for the company, the Condron family and investors, and a validation of the firm's strategy of partnering with growing family- and founder-owned businesses. Matt Salsbury, Principal of BBH and Co-Manager of BBHCP, said the firm has tremendous respect for Watsco and believes it will be an excellent home for Granite. Granite CEO Bill Condron said BBHCP, which became the company's first outside equity partner, supported its growth strategy while helping it preserve its culture.
Houlihan Lokey acted as exclusive financial advisor and Ropes & Gray LLP as legal counsel to Granite. BBHCP targets platform investments between $50 million and $150 million and typically provides first institutional equity capital to founder-, family- and management-owned middle-market companies.
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