Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) is pleased to announce the closing of a mezzanine debt and equity investment in White’s Holdings, LLC (“White’s” or the “Company”). White’s is an oilfield services company with the majority of operations based in Washington, PA. Calvin White and his management team partnered with several investors including FNBCP, Ridge Capital, and Kayne Anderson to help support the Company in their next phase of growth. First National Bank of Pennsylvania provided the senior financing.
Ridge Capital is an investment firm focused on partnering with managers to pursue platform build-ups and growth investments in the smaller middle market. Kayne Anderson is a multi-billion dollar investment firm that focuses on investing in upstream oilfield service companies.
“We appreciate the opportunity to support a local company which has a strong position in the oil & gas space,” noted Stephen Gurgovits, Jr., Managing Partner at FNBCP. “Calvin White and his management team have developed several proprietary technologies and are well positioned to capitalize on the positive long term trends in the Marcellus and Utica shales. We are thrilled to partner with Ridge Capital and Kayne Anderson on this transaction given their collective industry knowledge and experience”.
White’s Holdings, LLC is comprised of White’s Equipment Rental, Crossfire Production Services, and White’s Welding. All three units are commonly owned and operated. White’s Equipment Rental and Crossfire Production Services rent drilling equipment and provide related services in the Marcellus and Utica shales. White’s Welding provides oilfield welding services in oil producing regions across the U.S.