Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Pilgrim Capital Partners (“Pilgrim”) and the Company’s CEO to acquire Heatseal, a Packaging Equipment Manufacturer in Northern Ohio. Pilgrim led the transaction while FNBCP provided mezzanine financing and an equity co-investment. KeyBank National Association provided the senior financing. McGuireWoods LLP served as legal advisor to FNBCP.
“We are grateful for the opportunity to partner with the Company and Pilgrim. The Northern Ohio market is a core area of focus for us and we are excited to have another investment within our geographic footprint.” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “The Company has a great management team that will remain in place post close, and we are very confident that the CEO and his team will continue growing the business.” FNBCP partner, Matthew Harnett led the transaction and added, “We were attracted to the solid operating history, the high quality of the products manufactured, and the growth prospects of the Company. Further, the opportunity to partner on a regional Ohio business with great investors and operators such as Pilgrim and the management team further solidified the investment opportunity for us.”
About Pilgrim Capital
Pilgrim Capital, based in Fairfield, CT, is a private equity firm that was founded in 2006 to invest in change of ownership and growth equity transactions. Pilgrim focuses on partnering with management teams that are committed to becoming equity partners post-closing. The team invests in companies with revenues and EBITDA of at least $10 million and $2 million, respectively. For more information, visit: www.pilgrimcap.com.
About F.N.B. Capital Partners, L.P.
F.N.B. Capital Partners, L.P. is a pooled fund of committed capital licensed by the Small Business Administration (“SBA”) as an SBIC. FNBCP, headquartered in Pittsburgh, Pennsylvania, invests $3 million to $15 million per transaction. FNBCP specializes in providing mezzanine debt, subordinated notes, private equity and other types of financial capital to small and medium size commercial enterprises for the purposes of recapitalizations, buyouts, generational transitions, mergers and acquisitions and other growth capital.
About Tecum Capital Management, Inc.
Tecum Capital Management, Inc. (“Tecum”) is a private investment firm and management company for F.N.B. Capital Partners, L.P. Tecum, based in Pittsburgh, Pennsylvania, oversees a pool of committed capital focused on mezzanine debt, subordinated notes, private equity and other types of financial capital to small and medium sized commercial enterprises. The company is focused on providing financing for recapitalizations, buyouts, generational transitions, mergers and acquisitions and other growth capital needs.