Professional Plumbing Group Acquired by Dunes Point Capital
CONWAY, S.C., Aug. 1, 2013 /PRNewswire/ — The Professional Plumbing Group Inc. (“PPG”) announced today that it has been acquired by Dunes Point Capital. PPG is the parent company of two legendary brands operating in the plumbing supply industry: Wolverine Brass and PlumbMaster. PPG was previously owned by affiliates of Bradford Equities (“Bradford”) and management.
Wolverine Brass, which was founded in 1896, manufactures branded, high-quality plumbing products in the United States and sells them directly to professional plumbers and tradesmen throughout the United States. PlumbMaster, founded under a predecessor name in 1932, distributes an array of high quality plumbing fixtures and fittings to the institutional and repair plumbing markets throughout the United States.
The debt for the transaction was provided by an entity sub-advised by an affiliate of GSO Capital Partners LP (“GSO”), Blackstone’s credit business, and PNC Bank.* Dunes Point Capital is the controlling equity shareholder. Other equity participants include an entity sub-advised by GSO and the PPG management team.
Lloyd Coppedge, Chief Executive Officer of PPG, stated: “We are very excited about the acquisition. Dunes Point Capital brought a unique perspective, with a long-term and committed vision to grow the Company. We are eager to start our new journey with DPC.”
Richard Rudolph, Managing Director of Bradford, stated: “We thoroughly enjoyed working with such a dedicated and talented management group and we appreciate their efforts. They have a great new partner in DPC and we wish them nothing but the best in their future endeavors.”
Kirkland & Ellis LLP served as legal advisor to Dunes Point Capital. Dechert LLP served as legal advisor to PPG and Bradford. Lincoln International represented the sellers, and Isleworth Capital served as a consultant to PPG.
About Professional Plumbing Group (“PPG”): PPG is the parent company of Wolverine Brass, Inc. and PlumbMaster, Inc. PPG has its headquarters in Conway, S.C., with additional operations in Concordville, Pa., and Oceanside, Calif. PPG employs approximately 310 people. For more information, please visit http://www.ppg-inc.com/.
About Dunes Point Capital (“DPC”): Founded in 2013, Dunes Point Capital is a private investment firm, pursuing control investments in companies operating in the general industrial and energy sectors. DPC targets companies with enterprise values of up to $300 million. For more information, please visit http://www.dunespointcapital.com/.
*The entity sub-advised by GSO Capital Partners is FS Investment Corp II, and it is advised by FB Income Advisors, LLC.
SOURCE Kirkland & Ellis LLP