05/06/2016 Matt Steve, Tecum Capital

F.N.B. Capital Partners Completes its 20th Transaction with Investment in Ohio Travel Bag

F.N.B. Capital Partners With Zorro Capital In It's Acquisition of OTB

F.N.B. Capital Partners, L.P. ("FNBCP") is excited to support Zorro Capital ("Zorro") in its first acquisition. Since launching an SBIC fund in mid- 2013, FNBCP has had a lot of success finding great investment opportunities in the Cleveland market. Our partnership with Zorro in its acquisition of Ohio Travel Bag Mfg., Co. ("OTB" or the "Company") is the latest example. Based in Solon, OH, OTB is a niche distributor of specialty hardware and components used in the manufacture and repair of luggage, handbags, trunks, leather goods, and related products. Michael Fox, founder of Zorro, led the transaction while FNBCP provided mezzanine financing and an equity investment.

OTB was being marketed for sale by EdgePoint Capital Advisors ("EdgePoint"), based in Beachwood, OH. Our firm has had a longstanding relationship with EdgePoint  and  was contacted by Managing Director Dan Weinmann to raise the financing required to support the winning bidder. FNBCP was very impressed by Zorro 's plan to build equity value in the deal which entailed an aggressive pursuit of new growth strategies, the identification of near-term improvement oppo1tunities, and a "hands-on" approach whereby Michael Fox would become the day-to-day CEO. Both Zorro and FNBCP quickly realized OTB filled a critical void in an underserved supply chain and was well-positioned to increase its share of the market. Mr. Fox assembled an impressive team of co-investors comprised of seasoned mergers & acquisition and operating executives that each bring a unique skill set/background to the Board of Directors.

FNBCP believes the combination of Michael Fox, a strong existing management team, and the co-investor group provides OTB with the leadership needed to propel the Company through the next stage of it growth.

Ohio Travel Bag represents FNBCP's 20th transaction from its current Fund, and 5th portfolio company based in the Cleveland metro area. FNBCP's deal team for the transaction included Matt Harnett, Dan Wingard, and Mike Williamson.

Founded in 1908, Ohio Travel Bag is one of the largest distributors of specialty hardware for the repair and manufacture of luggage, handbags, trunks, leather goods, and related products. OTB offers over 8,000 SKUs which include items such as handles, wheels, bumpers, locks, latches, hinges, and zippers. OTB serves thousands of small, boutique manufacturers and repair shops that value the Company's breadth of inventory and consultative customer service team which assists customers to identify and procure the proper parts for their needs and shipping same-day. OTB sells to customers located across all 50 United States and in 50 other countries. For more information, visit: www.ohiotravelbag.com.