Blackstone’s credit arm GSO Capital Partners and PNC Bank provided debt for the deal.
DPC is focused on acquiring controlling stakes in companies in the general industrial and energy sectors with enterprise values of up to $500m.
The firm was launched last year by former Blackstone executive Timothy White.
Alco posted revenues of $134m last year, according to Bloomberg.
Earlier this year GSO invested $150m in wood fibre processing business Rentech.
GSO provided $100m through purchasing convertible preferred stock and another $50m through a term loan
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