Travis Perkins, the Northampton-headquartered distributor of building materials, has sold its specialist floor kit, i-joist and staircase manufacturer Staircraft.
Gait Consulting, which is majority owned by the founder of Coventry-based Staircraft, has snapped up the firm for cash consideration of £24m.
Chief financial officer Duncan Cooper said: “The sale of Staircraft is another step towards simplifying the Group’s operating model with a clear focus on being the UK’s leading distributor of building materials.
“The proceeds will be used to strengthen the Group’s balance sheet and will support our disciplined approach to reinvesting in our core assets.
“I would like to thank all colleagues in Staircraft for their contribution as part of the Group and wish them all the best for the future as an independent business.”
