Press Releases
Posted May 16, 2012

Thorpe Products Has Completed a Merger with Distribution International

Specialty Distribution,
Energy, Power & Infrastructure
Transaction Type
Buy-Side Advisory,
Mergers & Acquisitions
Houston, Texas

HOUSTON, May 16, 2012 – GulfStar Group (“GulfStar”) is pleased to announce that Thorpe Products (“Thorpe”), a portfolio company of The CapStreet Group (“CapStreet”), has completed a merger with Distribution International (“DI”), a portfolio company of Audax Group (“Audax”). GulfStar served as exclusive financial advisor to Thorpe throughout this transaction, which closed May 1, 2012. DI and Thorpe will operate under the Distribution International trade name, and management teams from both companies will run the combined entity.

Headquartered in Houston, the newly formed DI entity is one of the largest domestic and international distributors of specialty insulation, safety equipment and environmental products serving a wide range of land and marine based industries and institutions. DI and Thorpe operate 30 branches strategically located in twelve states throughout the Gulf Coast, Mid-Atlantic, Midwest and Northeast regions of the United States. The combination between DI and Thorpe has created a broader geographic footprint and product suite, and a more diverse end-market profile. Management intends to continue to partner with Audax and CapStreet to grow the Company, both through additional acquisitions and new branch openings.

The GulfStar transaction team included Managing Director Colt Luedde, Vice President Brian Lobo, Associate Jeff Maddox and Analyst James Steen. “We are pleased to have been Thorpe’s advisor over the past two years, beginning with the Company’s recapitalization by CapStreet in 2010 and subsequent acquisition efforts. The merger with DI creates the preeminent specialty insulation distributor in North America. We look forward to continuing to advise the combined entity in its acquisition efforts going forward,” said Luedde.

About The CapStreet Group

Founded in 1990 and based in Houston, CapStreet focuses on control investments in family-owned and other privately-held businesses headquartered in Texas and the Sunbelt states. Since inception, the firm has raised approximately $700 million in private equity capital and invested in 31 portfolio company investments, completing more than 250 add-on acquisitions. For more information, visit

About Audax Group

Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has raised in excess of $5.0 billion of equity, mezzanine debt, and senior loan capital. For more information, visit

About GulfStar Group
GulfStar is a leading middle market investment and merchant bank headquartered in Houston, with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 550 transactions in more than 30 states and seven foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.

Securities offered through GulfStar Group I, an affiliated entity, member FINRA – SIPC.



GulfStar Group
700 Louisiana Street
Suite 3800
Houston, Texas 77002


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