Unified Door & Hardware Group, LLC a Pennsauken-based, 500-worker company that supplied doors for Comcast headquarters, and has been buying up door finishers and distributors along the East Coast, has sold a majority stake to building-supply investor Dunes Point Capital L.P., of Rye, N.Y.
The deal was financed by Blackstone Group’s GSO Capital Partners LP funding unit and M&T Bank. Terms weren’t disclosed. Dunes, headed by Tim White, a former Blackstone managing directors, buys companies worth up to $500 million.
Unified managers, who bought the company after the 2012 death of Lawrence Ciletti of Moorestown, founder of predecessor Tru-Fit Hardware in Palmyra, N.J., in 1972, ″will still own a significant portion," and will continue to run the firm, said Michael Mufson, managing director in the Philadelphia investment bank Mufson Howe Hunter & Co. Ltd., which represented Unified in the deal.
Dunes Point also owns Harvey Building Products, Waltham, Mass., a residential-doors distributor, which last fall purchased Northeast Building Products and its vinyl-window and home door factories in Northeast Philadelphia.
There have been a string of mergers and spin-offs in the building-supply business. For example, Michigan-based Masco Corp. said earlier this year it is looking for buyers for its commercial window businesses.