Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Zorro Capital LLC (“Zorro”) to acquire Ohio Travel Bag Mfg., Co. (“OTB” or the “Company”). Based in Solon, OH, the Company 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 of Zorro led the transaction while FNBCP provided mezzanine financing and an equity investment.
“We are excited to partner with Zorro Capital and to contribute to the future growth of Ohio Travel Bag. OTB has demonstrated an impressive growth trajectory over the last 10 years and we are confident Michael Fox, as the go-forward CEO, will bring new products and markets to the Company,” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “OTB fills a critical void in an underserved supply chain. The combination of Michael Fox and a strong existing management team provides the Company with the leadership needed to propel OTB through the next stage of it growth,” added Mr. Gurgovits, Jr. “We like the clear growth strategy and the diverse revenue streams of the business. OTB also represented a great opportunity to work with Edgepoint Capital and Home Savings & Loan, and invest in another Northeast Ohio business,” noted FNBCP Partner Matthew Harnett.
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.
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 Zorro Capital LLC
Zorro Capital is a private equity company headquartered in Cleveland, Ohio. Zorro focuses its investments primarily on mid-market manufacturing, distribution and B to B service companies located in the MidWest with strong customer relationships and management teams looking for ownership transition. For additional information, please visit www.zorrocap.com.