Target: The Professional Plumbing Group
Sponsor: Dunes Point Capital
Dunes Point, of Rye, N.Y., has acquired The Professional Plumbing Group. Financial terms were not disclosed.
White is the former head of private equity and co-head of mezzanine investing at GSO, the credit arm of The Blackstone Group. 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 such as faucets and dishwasher hose fittings. Wolverine sells them to professional plumbers and tradespeople in the United States.
Plumbmaster, started in 1932, distributes plumbing fixtures and fittings to institutional and repair plumbing markets in the U.S.
Luisa Beltran is a senior writer for peHUB.