Paramount Global Surfaces, a Platinum Equity portfolio company, has acquired tile and stone distributor Stone Source.
Stone Source is headquartered in New York and distributes natural stone, ceramic tiles and other decorative surfaces for commercial and high-end residential use. Founders Equity led the acquisition and did not disclose the financial terms.
“Joining forces with PGS will provide Stone Source the benefit of greater scale and enable delivery of a more comprehensive product offering to our customers. I’m proud of the way our company has performed and navigated the challenges posed by the pandemic over the past two years. This is an exciting new opportunity, and I look forward to the road ahead,” Stone Source CEO Joe MacIsaac says.
Platinum Equity is a global investment firm specializing in mergers, acquisitions and operations. The firm acquires and operates companies across various markets, including distribution, manufacturing, equipment rental, metal services, transportation and logistics, technology, media and entertainment, telecommunications, and others. Platinum Equity’s acquisition of Stone Source is the 13th buy-side transaction their team has completed over 12 months.