The acquisition has provided growth capital investor BGF, which has backed The Paint Shed since 2020, with a successful exit.

Graham Clarke, investor at BGF, said: “We have worked closely with The Paint Shed’s management to support positive growth through new stores and expansion since our 2020 investment, and we look forward to seeing the business go from strength to strength.

“I am confident that the acquisition by Brewers is a strong outcome for all parties, representing a good fit for the company going forward, whilst delivering BGF a strong internal rate of return (IRR) of 22%.”

As a standalone subsidiary of The Brewers Group, The Paint Shed, which was founded by Ogilvie Rolland in 1992, will retain its 87 staff members and continue its operations. The combined group is expected to benefit from increased distribution efficiencies, expanded product ranges, and improved customer services. The Paint Shed anticipates opening an additional 5-10 stores across Scotland in the near to medium term and is open to further growth through acquisitions.

Michael Rolland, managing director of The Paint Shed, said: “Looking ahead, the partnership with Brewers supports our view that, whether online or in store, independent paint retailing is the future.

“We plan on continuing to win market share in the locations we serve and grow The Paint Shed brand wherever we think we can add value to the customer. In our experience, people prefer to shop with specialist retailers, as opposed to generalists or single brand offerings.”

Ogilvie Rolland, executive chairman of the Paint Shed, added: “I am delighted to see the company join forces with Brewers. As another business with strong family roots, their values and culture mirrors our own, and will be a fantastic fit.

“It is our amazing people that have built such a successful company, I can’t thank them enough for their contribution and commitment over the years, and I wish the team every success going forward.”

The partnership between the two independent paint retailers aims to capitalise on the market potential, as customers prefer shopping with specialist retailers over generalists or single brand offerings. Both companies share strong family roots and cultural values, which they believe will contribute to their mutual success.

Simon Brewer, CEO of Brewers, said: “Ogilvie, Michael, and The Paint Shed team have built an incredible business, with great progress made over the last few years despite a challenging environment. The culture and values they have instilled in their business reflect those that matter most to us and that is why this coming together is most exciting.”

“The Paint Shed’s geography is a perfect fit with the Brewers Group’s own store network. Together we bring even greater economies of scale which will benefit all our customers, we are extremely optimistic for the prospects of the combined business and our next phase of growth.”