New State Capital seals first deal with Gautier Steel

Terms were not disclosed. New State is partnering with management of the Johnstown, Pennsylvania-based Gautier on the deal.

The firm was formed by David Blechman, former managing director with H.I.G. Capital and principal at Sun Capital Partners. He is joined by John Beauclair, former principal with Vector Capital, and prior to that Gryphon Investors and Sun Capital; and John Kim, former executive director in the financial sponsors & leveraged finance group at UBS.

It’s not clear how much New State has to invest – the firm has raised capital from institutions and high-net-worth individuals.

New State focuses on various types of investments, including control and growth buyouts, co-investments/shared governance, carve-outs, preferred/junior debt and restructurings.

Chris Witkowsky is editor of peHUB