Joel Ramin's 12 West Capital Discloses Masonite Stake ~ market folly

Wednesday, September 25, 2013

Joel Ramin's 12 West Capital Discloses Masonite Stake

Joel Ramin's hedge fund 12 West Capital recently filed a 13G with the SEC and disclosed a new position in Masonite International (DOOR).  Per the filing, 12 West owns 7.3% of DOOR with 2,116,969 shares.

This is a newly disclosed position for the hedge fund and the 13G was required due to portfolio activity on September 9th. 

While the majority of their position is via common stock, they own warrants that allow the fund to purchase 598,385 shares at an exercise price of $50.77 per share (Masonite currently trades around $49.70).

Joel Ramin founded 12 West Capital after working at Roberto Mignone's Bridger Capital, another hedge fund we cover on MarketFolly.  Prior to that, he worked at Blackstone Group.  He founded 12 West in 2011.

Per Google Finance, Masonite is "a designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling, and the non-residential building construction markets. The Company principally operates in North America; Europe, Asia and Latin America, and Africa. The Company markets and sells its products to remodeling contractors, builders, homeowners, retailers, dealers, lumberyards, commercial and general contractors and architects through wholesale and retail distribution channels. Its portfolio of brands includes Masonite, Marshfield, Premdor, Mohawk, Megantic, Algoma, Baillargeon, Birchwood Best and Lemieux."

For more from this hedge fund, we also detailed other portfolio activity from 12 West Capital last month.

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