Verona, which counts Travis Perkins as a major shareholder, has announced that some members of its management team have bought a 30% stake in the Yorkshire business.
The deal will mean Wickes owner Travis Perkins, which held 49% of the business, will now hold 34%, while founder and managing director Adrian Hinchliffe will retain 36% and remain the controlling shareholder.
Hinchliffe, had owned 51% of the shares before the deal and will remain managing director.
“The business is changing rapidly and now is the right time to future proof it,” said Hinchliffe.
“We have an incredibly talented and passionate team here at Verona who are central to our ongoing success. Their investment will propel us forward into our next stage of growth, which will see us focus on developing our product portfolio, service offer and in-store support.
“This is the next generation of Verona, who are investing not just for now, but for the long-term future evolution of the business.”
Tile distributor Verona has been growing rapidly said annual revenue stands at £25 million, boosted by a series of new account partnerships with national and independent tile retailers.
The company recently opened a new 50,000sq ft site to accommodate its growing logistics operation and has added staff in its commercial and marketing teams, as well as its logistics and operations department, to manage growing demand.
John Carter, chief executive of Travis Perkins, whose portfolio includes Tile Giant, said: “This is a key milestone for the business and a positive move forward for Verona and the TP Group.
“The results over the past few years speak for themselves, with the business succeeding against tough market conditions. The team is a strong complement to Adrian and will be instrumental in pushing Verona forward into 2019 and beyond.”
The new shareholders include sales and commercial director Paul Turner, finance director Tom Hewitt, marketing director Katy Harris and commercial manager Brad Saunders.
Earlier this week, online tile retailer Tile Mountain said that it had bought the wholesale and distribution business of Capitol Tile Group out of administration. Coventry-based Capitol had four warehouses in the UK but three will now close. Tile Mountain will run the distribution business from its Coventry site.