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F.N.B. Capital Partners Supports Acquisition of Reagents, LLC

F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Pittsburgh, PA based Burrell Scientific, LLC, (“Burrell”), to acquire Reagents, LLC (“Reagents”). Reagents operations are based in Charlotte, NC where it has been manufacturing and distributing customized laboratory chemicals and solutions to a broad customer base throughout the Mid-Atlantic region for over 40 years. Burrell led the transaction and FNBCP provided mezzanine debt and equity to facilitate the buyout. Burrell is a manufacturer of laboratory equipment and distributor of laboratory products. Burrell’s President, Walter Rausch, will serve as the President of the combined company going forward.

“We’re very excited to partner with a growing local business to support this exciting acquisition” said FNBCP’s Managing Partner Stephen Gurgovits, Jr., “The investment represents our first Charlotte-area portfolio company and our second in the state of North Carolina. We feel that Mr. Rausch and the Burrell Reagents management team bring significant industry experience that should result in continued success for the combined enterprise.”

“Supporting Burrell’s acquisition of Reagents provided FNBCP an attractive opportunity to gain exposure to the diverse chemical and laboratory supply market, which we feel is poised for continued growth,” said FNBCP Partner Matthew Harnett.

The transaction represents FNBCP’s 18th investment in FNBCP’s inaugural SBIC fund, which launched in August, 2013. Other parties involved in the transaction were First Commonwealth Bank providing the senior financing, Confluence Advisors representing Burrell Scientific, McGuireWoods, LLP serving as legal advisor to FNBCP and Metz Lewis serving as legal advisor to Burrell Reagents.