BBH Capital Partners Private Equity (BBHCP), a private equity strategy of Brown Brothers Harriman & Co., announced its exit from The Granite Group, a distributor of plumbing and HVAC products, in connection with Granite's agreement to be acquired by Watsco, Inc. (NYSE: WSO).

Founded in 1971 and headquartered in Concord, New Hampshire, The Granite Group serves approximately 11,000 customers across 82 locations, offering approximately 29,000 SKUs sourced from more than 450 vendors. The company operates across New Hampshire, Vermont, Maine, Massachusetts, Connecticut, Rhode Island, and New York.

Since 2010, Granite has recorded approximately 10% compound annual sales growth. During BBHCP's partnership with the company, Granite added more than 35 net new branches through organic growth and acquisitions.

Brad Langer, Partner of Brown Brothers Harriman & Co. and Co-Manager of BBHCP, said the sale to Watsco "represents an excellent outcome for the company, the Condron family, and our investors."

Houlihan Lokey served as exclusive financial advisor and Ropes & Gray LLP served as legal counsel to Granite in the transaction. Financial terms of the deal were not disclosed in the announcement.