Key Takeaways
- • BBH Capital Partners Private Equity (BBHCP) announced on October 12, 2026 the full 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, serves approximately 11,000 customers across 82 locations in seven northeastern states with about 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's five-year partnership made it Granite's first outside equity partner, a milestone the company's family leadership and the sponsor both highlighted.
- • The transaction is presented by BBHCP as validation of its strategy of partnering with growing family- and founder-owned businesses.
Summary
Brown Brothers Harriman's private equity arm, BBH Capital Partners Private Equity (BBHCP), announced on October 12, 2026 that it has successfully exited its investment in The Granite Group (Granite), a third-generation, family-led distributor of plumbing and HVAC products. The exit is tied to Granite's agreement to be acquired by Watsco, Inc. (NYSE: WSO). The company did not disclose the transaction value in the announcement.
Founded in 1971 and headquartered in Concord, New Hampshire, Granite serves customers across New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. According to the company's announcement, it serves approximately 11,000 customers across 82 locations and offers roughly 29,000 SKUs sourced from more than 450 vendors. Since 2010, Granite has delivered approximately 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 combination of organic growth and a deliberate acquisition strategy.
Brad Langer, Partner at Brown Brothers Harriman & Co. and Co-Manager of BBHCP, described the sale as an excellent outcome for the company, the Condron family, and investors, and as validation of the firm's strategy of partnering with growing family- and founder-owned businesses. Matt Salsbury, Principal at BBH and Co-Manager of BBHCP, said the firm was grateful to the Condron family for placing its trust in BBHCP as Granite's first outside equity partner, and expressed confidence that Watsco would be a strong home for Granite. Granite CEO Bill Condron said BBHCP supported the company's growth strategy while helping it preserve its culture and focus on its people.
The announcement was distributed as a paid press release via Business Wire and was also carried by other outlets, including The National Law Review.
Founded in 1971 and headquartered in Concord, New Hampshire, Granite serves customers across New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York. According to the company's announcement, it serves approximately 11,000 customers across 82 locations and offers roughly 29,000 SKUs sourced from more than 450 vendors. Since 2010, Granite has delivered approximately 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 combination of organic growth and a deliberate acquisition strategy.
Brad Langer, Partner at Brown Brothers Harriman & Co. and Co-Manager of BBHCP, described the sale as an excellent outcome for the company, the Condron family, and investors, and as validation of the firm's strategy of partnering with growing family- and founder-owned businesses. Matt Salsbury, Principal at BBH and Co-Manager of BBHCP, said the firm was grateful to the Condron family for placing its trust in BBHCP as Granite's first outside equity partner, and expressed confidence that Watsco would be a strong home for Granite. Granite CEO Bill Condron said BBHCP supported the company's growth strategy while helping it preserve its culture and focus on its people.
The announcement was distributed as a paid press release via Business Wire and was also carried by other outlets, including The National Law Review.
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