Dunes Point Capital, the new investment firm from Tim White, has made its first deal.
Dunes Point, of Rye, N.Y., has acquired The Professional Plumbing Group. Financial terms weren’t announced.
White is the former head of PE and co-head of mezzanine investing at GSO, Blackstone’s credit arm. He left GSO in late 2012 and started Dunes Point earlier this year, the firm’s website says. Dunes Point, a private investment firm, targets companies with enterprise values up to $300 million in the industrial and energy sectors.
Dunes Point will hold a majority stake in The Professional Plumbing Group.
An entity sub-advised by GSO Capital Partners and the PPG management team will also have equity stakes, according to a statement.
Conway, S.C.-based PPG is the parent of Wolverine Brass and Plumbmaster. Founded in 1896, Wolverine Brass makes plumbing products like faucets and dishwasher hose fittings. Wolverine sells them to professional plumbers and tradespeople in the U.S.
Plumbmaster, started in 1932, distributes plumbing fixtures and fittings to institutional and repair plumbing markets in the U.S.
Correction: A prior version of this story incorrectly stated that White was the head of mezzanine investing at GSO. He was the co-head. Also, it is an entity sub-advised by GSO that will have an equity stake, not GSO.
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