{"success":true,"data":{"pressRelease":{"id":"166742","rtpr_id":"nBw8kxbNKa-20261012","ticker":"WSO","exchange":"NYSE","all_tickers":["WSO"],"title":"BBH Capital Partners Private Equity Exits The Granite Group","author":"Business Wire","published_at":"2026-10-12T20:00:00.135Z","article_body":"BBH Capital Partners Private Equity Exits The Granite Group\n\nBBH Capital Partners Private Equity (BBHCP) today announced the successful\nexit of its investment in The Granite Group (Granite), a diversified\ndistributor of plumbing and HVAC products, in connection with Granite’s\nagreement to be acquired by Watsco, Inc. (NYSE: WSO).\n\nFounded in 1971 and headquartered in Concord, New Hampshire, Granite is a\nthird-generation, family-led distributor serving customers across New\nHampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New\nYork. The company serves approximately 11,000 customers across 82 locations\nand offers approximately 29,000 SKUs sourced from more than 450 vendors.\n\nSince 2010, Granite has achieved approximately 10% compound annual sales\ngrowth. During BBHCP’s partnership with Granite, the company built on its\nstrong track record of growth by expanding its geographic footprint, customer\nbase, and product offering. Over this period, Granite added more than 35 net\nnew branches through a combination of organic growth and a purposeful\nacquisition strategy.\n\n“We have greatly enjoyed working alongside Bill and his team to support\ntheir ambitious growth strategy,” said Brad Langer, Partner of Brown\nBrothers Harriman & Co. (BBH) and Co-Manager of BBHCP. “Granite is an\nexceptional family-owned business, built on a strong culture and a deep\ncommitment to its customers and people. The sale to Watsco represents an\nexcellent outcome for the company, the Condron family, and our investors. It\nis also a strong validation of our strategy of partnering with growing family-\nand founder-owned businesses.”\n\n“We are grateful to the Condron family for the trust they placed in BBHCP as\nGranite’s first outside equity partner, and to Bill, his leadership team,\nand all of Granite’s people for their hard work and commitment throughout\nour partnership,” said Matt Salsbury, Principal of BBH and Co-Manager of\nBBHCP. “We have tremendous respect for Watsco and believe they will be an\nexcellent home for Granite as the company begins its next chapter of\ngrowth.”\n\n“I could not have asked for a better partner for Granite and our people over\nthe past five years than BBHCP,” said Granite’s CEO, Bill Condron. “As a\nfamily, we gave considerable thought to selecting our first outside equity\npartner, and BBHCP did exactly what they said they would do – supporting our\ngrowth strategy and investing alongside us to build a stronger company. Most\nimportantly, BBHCP understood what makes Granite so special. They enabled us\nto preserve our culture, remain focused on our people, and stay true to who we\nare. I am grateful for their partnership and proud of what we have\naccomplished together.”\n\nHoulihan Lokey served as exclusive financial advisor and Ropes & Gray LLP\nserved as legal counsel to Granite.\n\nAbout BBH Capital Partners Private Equity\n\nBBH Capital Partners Private Equity (BBHCP), a private equity strategy of\nBrown Brothers Harriman & Co. (BBH), provides flexible, customized equity\ncapital solutions to growth-oriented middle-market businesses with a focus on\nproviding the first institutional equity capital to founder-, family-, and/or\nmanagement-owned companies. A flexible investment mandate gives BBHCP the\nability to act as a control or non-control investor. BBHCP targets platform\ninvestments between $50 million and $150 million and the capital is used to\nsupport a variety of transactions, including management or leveraged buyouts,\ngrowth financings, recapitalizations, buy-and-build strategies, and\nacquisitions. www.BBH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.BBH.com&esheet=54619134&newsitemid=20261012434425&lan=en-US&anchor=www.BBH.com&index=1&md5=b42e8f4027cc919f1027ae980a918119)\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261012434425/en/\n(https://www.businesswire.com/news/home/20261012434425/en/)\n\nMedia Contact: bbh@inkhouse.com (mailto:bbh@inkhouse.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw8kxbNKa-20261012","title":"BBH Capital Partners Private Equity Exits The Granite Group","author":"Business Wire","ticker":"WSO","created":"2026-10-12T20:00:00.135Z","tickers":["WSO"],"exchange":"NYSE","article_body":"BBH Capital Partners Private Equity Exits The Granite Group\n\nBBH Capital Partners Private Equity (BBHCP) today announced the successful\nexit of its investment in The Granite Group (Granite), a diversified\ndistributor of plumbing and HVAC products, in connection with Granite’s\nagreement to be acquired by Watsco, Inc. (NYSE: WSO).\n\nFounded in 1971 and headquartered in Concord, New Hampshire, Granite is a\nthird-generation, family-led distributor serving customers across New\nHampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New\nYork. The company serves approximately 11,000 customers across 82 locations\nand offers approximately 29,000 SKUs sourced from more than 450 vendors.\n\nSince 2010, Granite has achieved approximately 10% compound annual sales\ngrowth. During BBHCP’s partnership with Granite, the company built on its\nstrong track record of growth by expanding its geographic footprint, customer\nbase, and product offering. Over this period, Granite added more than 35 net\nnew branches through a combination of organic growth and a purposeful\nacquisition strategy.\n\n“We have greatly enjoyed working alongside Bill and his team to support\ntheir ambitious growth strategy,” said Brad Langer, Partner of Brown\nBrothers Harriman & Co. (BBH) and Co-Manager of BBHCP. “Granite is an\nexceptional family-owned business, built on a strong culture and a deep\ncommitment to its customers and people. The sale to Watsco represents an\nexcellent outcome for the company, the Condron family, and our investors. It\nis also a strong validation of our strategy of partnering with growing family-\nand founder-owned businesses.”\n\n“We are grateful to the Condron family for the trust they placed in BBHCP as\nGranite’s first outside equity partner, and to Bill, his leadership team,\nand all of Granite’s people for their hard work and commitment throughout\nour partnership,” said Matt Salsbury, Principal of BBH and Co-Manager of\nBBHCP. “We have tremendous respect for Watsco and believe they will be an\nexcellent home for Granite as the company begins its next chapter of\ngrowth.”\n\n“I could not have asked for a better partner for Granite and our people over\nthe past five years than BBHCP,” said Granite’s CEO, Bill Condron. “As a\nfamily, we gave considerable thought to selecting our first outside equity\npartner, and BBHCP did exactly what they said they would do – supporting our\ngrowth strategy and investing alongside us to build a stronger company. Most\nimportantly, BBHCP understood what makes Granite so special. They enabled us\nto preserve our culture, remain focused on our people, and stay true to who we\nare. I am grateful for their partnership and proud of what we have\naccomplished together.”\n\nHoulihan Lokey served as exclusive financial advisor and Ropes & Gray LLP\nserved as legal counsel to Granite.\n\nAbout BBH Capital Partners Private Equity\n\nBBH Capital Partners Private Equity (BBHCP), a private equity strategy of\nBrown Brothers Harriman & Co. (BBH), provides flexible, customized equity\ncapital solutions to growth-oriented middle-market businesses with a focus on\nproviding the first institutional equity capital to founder-, family-, and/or\nmanagement-owned companies. A flexible investment mandate gives BBHCP the\nability to act as a control or non-control investor. BBHCP targets platform\ninvestments between $50 million and $150 million and the capital is used to\nsupport a variety of transactions, including management or leveraged buyouts,\ngrowth financings, recapitalizations, buy-and-build strategies, and\nacquisitions. www.BBH.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.BBH.com&esheet=54619134&newsitemid=20261012434425&lan=en-US&anchor=www.BBH.com&index=1&md5=b42e8f4027cc919f1027ae980a918119)\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261012434425/en/\n(https://www.businesswire.com/news/home/20261012434425/en/)\n\nMedia Contact: bbh@inkhouse.com (mailto:bbh@inkhouse.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-12T20:00:00.192777765Z","server_sent_at_ms":1791835200192},"received_at":"2026-10-12T20:00:00.312Z","source_url":"https://www.businesswire.com/news/home/20261012434425/en/"},"analysis":{"id":"155083","press_release_id":"166742","analysis_json":{"industry":{"label":"Trading Companies & Distributors","sector":"Industrials"},"redFlags":["No deal value or purchase price disclosed in this release; terms unavailable"],"eventType":"m_and_a","narrative":"Watsco, Inc. (NYSE: WSO) has agreed to acquire The Granite Group, a third-generation, family-led distributor of plumbing and HVAC products based in Concord, New Hampshire.\n\nGranite serves roughly 11,000 customers across 82 locations in six Northeastern states, offering about 29,000 SKUs from more than 450 vendors, and has grown sales at approximately 10% annually since 2010.\n\nBBH Capital Partners Private Equity, Granite's first outside equity partner since 2010, announced its exit in connection with the sale, though no deal value or terms were disclosed.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Watsco continues its Northeast roll-up, adding an 82-branch plumbing/HVAC distributor with 10% historical sales CAGR."},"keyFigures":{"customDimensions":{"granite_skus":29000,"granite_vendors":450,"net_new_branches":"more than 35","granite_customers":11000,"granite_locations":82,"sales_cagr_since_2010":"approximately 10%"}},"quotedText":"The sale to Watsco represents an excellent outcome for the company, the Condron family, and our investors.","namedEntities":{"people":[{"name":"Brad Langer","role":"Partner, Brown Brothers Harriman & Co.; Co-Manager of BBHCP"},{"name":"Matt Salsbury","role":"Principal, Brown Brothers Harriman & Co.; Co-Manager of BBHCP"},{"name":"Bill Condron","role":"CEO, The Granite Group"}],"products":[],"companies":[{"name":"Watsco, Inc.","ticker":"WSO","relationship":"acquirer"},{"name":"The Granite Group","relationship":"target"},{"name":"BBH Capital Partners Private Equity","relationship":"exiting private equity investor"},{"name":"Brown Brothers Harriman & Co.","relationship":"parent of BBHCP"},{"name":"Houlihan Lokey","relationship":"financial advisor to Granite"},{"name":"Ropes & Gray LLP","relationship":"legal counsel to Granite"}],"dollarAmounts":[{"amount":"$50 million and $150 million","context":"BBHCP's typical platform investment range (not deal value)"}]},"materialImpact":{"score":3,"reasoning":"Watsco (the filer) is the announced acquirer of The Granite Group, a regional plumbing/HVAC distributor with ~11,000 customers across 82 locations. The release is authored by the exiting PE firm and discloses no deal value or terms, so impact is moderate pending Watsco's own disclosure."},"tickerRelevance":{"others":[],"primary":"WSO"},"globalImportance":32,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"acquisition-announced-via-partner-release","authorIsFiler":false,"disclosureQuality":"no-deal-terms-disclosed"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Watsco, Inc. (NYSE: WSO) has agreed to acquire The Granite Group, a third-generation, family-led distributor of plumbing and HVAC products based in Concord, New Hampshire.\n\nGranite serves roughly 11,000 customers across 82 locations in six Northeastern states, offering about 29,000 SKUs from more than 450 vendors, and has grown sales at approximately 10% annually since 2010.\n\nBBH Capital Partners Private Equity, Granite's first outside equity partner since 2010, announced its exit in connection with the sale, though no deal value or terms were disclosed.","key_figures":{"customDimensions":{"granite_skus":29000,"granite_vendors":450,"net_new_branches":"more than 35","granite_customers":11000,"granite_locations":82,"sales_cagr_since_2010":"approximately 10%"}},"named_entities":{"people":[{"name":"Brad Langer","role":"Partner, Brown Brothers Harriman & Co.; Co-Manager of BBHCP"},{"name":"Matt Salsbury","role":"Principal, Brown Brothers Harriman & Co.; Co-Manager of BBHCP"},{"name":"Bill Condron","role":"CEO, The Granite Group"}],"products":[],"companies":[{"name":"Watsco, Inc.","ticker":"WSO","relationship":"acquirer"},{"name":"The Granite Group","relationship":"target"},{"name":"BBH Capital Partners Private Equity","relationship":"exiting private equity investor"},{"name":"Brown Brothers Harriman & Co.","relationship":"parent of BBHCP"},{"name":"Houlihan Lokey","relationship":"financial advisor to Granite"},{"name":"Ropes & Gray LLP","relationship":"legal counsel to Granite"}],"dollarAmounts":[{"amount":"$50 million and $150 million","context":"BBHCP's typical platform investment range (not deal value)"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-12T20:00:06.104Z","global_importance":32,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"acquisition-announced-via-partner-release","authorIsFiler":false,"disclosureQuality":"no-deal-terms-disclosed"}},"durationMs":5738,"modelName":"glm-5.3-flashx"}}