Stellus Capital Management, LLC Provides Unitranche Financing in Support of Mill Point Capital LLC’s Acquisition of Cancos Tile & Stone
HOUSTON–(BUSINESS WIRE)–Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates provided senior debt financing and an equity co-investment in support of Mill Point Capital LLC’s (“Mill Point”) partnership with Cancos Tile Corporation (“Cancos” or the “Company”), a leading regional distributor and retailer of luxury ceramic tile and natural stone.
Cancos is a leading regional distributor, seller, and custom fabricator of high-end porcelain, stone, ceramic, glass, and mosaic tile and accessories, headquartered in Farmingville, New York. The Company has been in business for almost 70 years, with 12 showroom locations across Long Island, Manhattan, and New Jersey which include more than 500,000 square feet of warehouse capacity. Cancos also distributes tile throughout the east coast and southeastern United States, selling to a diverse customer base comprised of architectural & design, wholesale, and retail consumers.
“Over its 70-year operating history, Cancos has built a reputation for excellence. We remain committed to maintaining the core values that have been instilled by the Valva family, while looking forward to pursuing the numerous growth opportunities in front of the business today,” said Michael Duran, Founder and Managing Partner of Mill Point.
“Cancos is an exciting opportunity for Mill Point and a strong fit with our experience investing in distribution businesses,” said Ben Rogers, Vice President at Mill Point. “We are pleased to partner with Stellus on another transaction and appreciate their support and flexibility during the financing process.”
“We are excited about and appreciative of the opportunity to partner with Mill Point while having the ability to support Cancos as they continue to grow their distribution and sales platform,” added Colin Baker, Managing Director at Stellus.
About Stellus Capital Management
Stellus was founded in 2012 when it spun out of the Direct Capital Unit of the D. E. Shaw group. Stellus’ senior team, which helped create the Direct Capital Unit in 2004, has been investing together in the middle market for 18 years. Stellus focuses on a range of industries, including Business Services, Consumer & Retail, Healthcare, Industrials, and Media & Technology. Since 2004, the Stellus team has deployed over $8 billion into more than 350 middle market companies, developing a broad and deep expertise in this segment of the private investing market. Stellus currently has approximately $2.6 billion in assets under management, with offices in Houston, TX, the Washington, D.C. area, and Charlotte, NC. Learn more at www.stelluscapital.com.
Contacts
Jeremy Milner
BackBay Communications
[email protected]
