Announcements
Citadel Plastics Holdings, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - July 26, 2010
PNC Mezzanine Capital today announced that its portfolio company, Citadel Plastics Holdings, Inc. has purchased substantially all the assets of QTR, Inc. Based in Evansville, Indiana, QTR, Inc. manufactures custom compounds based on recycled polycarbonate and other engineering resins with more than half of QTR's sales going to the automotive market. Citadel plans to combine the assets of QTR and the engineered resins product line of The Matrixx Group, eventually to form a new company, Matrixx-QTR. Rod Jackson, President of QTR who will join Matrixx-QTR in the same role, stated, "This is a very beneficial and strategic alignment for QTR and The Matrixx Group and will enable Matrixx-QTR to offer a broader portfolio of products to our customers. We are looking forward to working with the rest of the Citadel team." Mike Fitzpatrick, Chairman and CEO of Citadel, affirmed, "QTR employees will be staying with this acquisition, and we are excited to have them as new members of the Citadel team. We will continue to use the QTR brand name and product nomenclature to take advantage of their excellent positioning with customers."
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Cape Electrical Supply's Add-On Acquisition Announced
PITTSBURGH, PA - October 1, 2009
PNC Mezzanine Capital today announced that its portfolio company, Cape Electrical Supply, LLC has purchased Beck Electric Company (Beck), a distributor of electrical supplies based in Kennet, Missouri. Beck has been in business for over 10 years with a customer base that includes electrical contractors, industrial facilities, and farmers. Beck will continue to operate from Kennet, and become a dedicated distributor among Cape Electric's existing 20 locations in a market area that includes parts of Missouri, Kentucky, Illinois, and Tennessee. This marks the third acquisition for Cape in the past fourteen months. In December 2008, the Company acquired Delmo Electric, Inc. (Delmo) in Fisk, Missouri. Additionally, in July 2008, the Company acquired Electrical Sales Engineering (ESE) in Bowling Green, Kentucky. Based in Cape Girardeau, Missouri for 56 years, Cape Electrical Supply Company is a full service electrical distributor with a market presence in commercial, industrial, residential, and communication products.
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Citadel Plastics Holdings, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - September 3, 2009
PNC Mezzanine Capital today announced that its portfolio company, Citadel Plastics Holdings, Inc. has purchased the assets of Fiberfil Engineered Plastics, Inc. Based in Stoney Creek, Ontario, Canada, Fiberfil manufactures specialty thermoplastic compounds for the automotive, furniture and industrial markets. Citadel will transition Fiberfil's product line to existing Citadel plants in Guelph, Ontario, Evansville, Indiana and Houston, Texas. Mike Huff, Citadel's COO, said, "The addition of Fiberfil's technology, product line and customer relationships is an important step for us. We are proud to add Fiberfil's storied history of leadership to the Citadel family."
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$25.0 Million Subordinated Debt Investment in Sport & Health Holdings, LLC Announced
PITTSBURGH, PA - May 1, 2009
PNC Mezzanine Capital announced today a subordinated debt investment in Sport & Health Holdings, LLC, the leading fitness club operator in the metropolitan Washington, DC market. PNC Mezzanine's investment will be used to recapitalize the Company’s existing capital structure and fund expansion projects at existing club locations. PNC Mezzanine Capital provided $20.0 million of subordinated debt financing, with CMS Mezzanine providing the balance of the $25.0 million facility.
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Citadel Plastics Holdings, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - April 9, 2009
PNC Mezzanine Capital today announced that its portfolio company, Citadel Plastics Holdings, Inc. (Citadel) has purchased the Brazilian operation of Meridian Automotive Systems, Inc. Based in Rio Claro, Sao Paulo, Brazil, which manufactures bulk molding compounds and sheet molding compounds for the automotive, appliance and electrical markets. J. Michael Fitzpatrick, Citadel’s Chairman and CEO, said, “Meridian’s Brazilian operation is an excellent facility, with high quality management and associates, with a solid competitive position which will further enhance Citadel’s position in the global bulk molding compound market.
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Bolttech, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - October 16, 2008
PNC Mezzanine Capital announced today that its portfolio company, Bolttech, Inc. (Bolttech), has acquired Mannings USA (Mannings), a leading provider of induction heating and heat treating services primarily to the power generation industry. Headquartered in Dover, NJ, Mannings was founded in 1989 by Peter Smith and was previously owned by Mr. Smith and several other individual shareholders. Mannings provides induction heating and heat treatment services to customers by utilizing its fleet of service equipment including power sources, temperature controllers, heating elements, and induction systems. The combined businesses of Bolttech and Mannings will leverage the two companies’ manufactured products, their respective service expertise, and their combined customer bases.
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Citadel Plastics Holdings, Inc.'s Add-On Acquisition Announced
PITTSBURGH, PA - August 28, 2008
PNC Mezzanine Capital today announced that its portfolio company, Citadel Plastics Holdings, Inc. (Citadel) has purchased Aclo Compounders, Inc. (Aclo), a manufacturer of specialty thermoplastic resins based in Cambridge, Ontario. Aclo was founded in 1964 and was most recently owned by Mitsubishi Corp. of Tokyo. Its library of over 15,000 thermoplastic products includes flame-retardant compounds, specialty blends, engineered resins and alloys made primarily from polypropylene that serve the electrical, automotive and appliance markets. Aclo will transition portions of its business to a new Citadel facility based in Canada. The remaining business will be moved to North American facilities owned by The Matrixx Group, a subsidiary of Citadel. Based in Radnor, Pennsylvania, Citadel is the investment platform formed by Wind Point Partners to acquire manufacturers of specialty plastic compounds.
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Cape Electrical Supply's Add-On Acquisition Announced
PITTSBURGH, PA - July 1, 2008
PNC Mezzanine Capital today announced that its portfolio company, Cape Electrical Supply, LLC has purchased Electrical Sales Engineering (ESE), a utility products distributor based in Bowling Green, Kentucky. ESE has been in business for over 45 years with a customer base that includes Rural Electrical Cooperatives, Investor Owned Utility Companies, Municipalities, and Power Generation Facilities across Kentucky, Indiana, and Tennessee. Electrical Sales Engineering will continue to operate from Bowling Green, and become a dedicated utility distributor among Cape Electric’s existing 18 locations in a market area that includes parts of Missouri, Kentucky, Illinois, Tennessee, and Indiana. Based in Cape Girardeau, Missouri for 55 years, Cape Electrical Supply Company is a full service electrical distributor with a market presence in commercial, industrial, residential, and communication products.
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Junior Capital Investment in VWS Holdco, Inc. Announced
PITTSBURGH, PA - June 27, 2008
PNC Mezzanine Capital announced today a junior capital investment in VWS Holdco, Inc., the parent company of Virginia Waste Services, Inc. and Shoosmith Bros., Inc. (collectively “VWS” or the “Company”), which provide integrated landfill and waste hauling services in the Richmond, VA area. PNC Mezzanine's investment supported the acquisition of VWS by Environmental Services Management, LLC, a group of six highly experienced waste industry professionals. PNC Mezzanine led the junior capital investment consisting of senior subordinated debt, junior subordinated debt and preferred stock. PNC Mezzanine Capital announced today a junior capital investment in VWS Holdco, Inc., the parent company of Virginia Waste Services, Inc. and Shoosmith Bros., Inc. (collectively “VWS” or the “Company”), which provide integrated landfill and waste hauling services in the Richmond, VA area. PNC Mezzanine's investment supported the acquisition of VWS by Environmental Services Management, LLC, a group of six highly experienced waste industry professionals. PNC Mezzanine led the junior capital investment consisting of senior subordinated debt, junior subordinated debt and preferred stock.
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$19.2 Million Subordinated Debt and Equity Investment in Citadel Plastics Holdings, Inc. Announced
PITTSBURGH, PA - May 2, 2008
PNC Mezzanine Capital announced today a subordinated debt and equity co-investment in Citadel Plastics Holdings, Inc., a platform investment vehicle formed by Wind Point Partners to acquire manufacturers of specialty plastic compounds. PNC Mezzanine's investment will be used to support Citadel’s acquisition of Bulk Molding Compounds, Inc., a leading compounder of bulk molding compounds, and refinance the existing indebtedness of the Company. PNC Mezzanine Capital provided $19.2 million of financing consisting of senior subordinated debt and an equity co-investment of preferred and common stock.
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$15.0 Million Subordinated Debt and Equity Investment in Metal Spinners, Inc. Announced
PITTSBURGH, PA - January 23, 2008
PNC Mezzanine Capital announced today a subordinated debt and equity co-investment in Metal Spinners, Inc., a niche metal forming company specializing in metal spinning, hydroforming, and deep drawing. PNC Mezzanine's investment will be used to complete Metal Spinners’ acquisition of Missouri Metals, LLC, a manufacturer of specialty metal components for the aerospace and defense industry, refinance the existing indebtedness of the Company and provide a partial realization for existing shareholders which included Reliant Equity Investors, a private equity group headquartered in Chicago, IL. PNC Mezzanine Capital provided $15.0 million of financing consisting of $11.5 million of subordinated debt and $3.5 million of preferred and common stock.
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$21.8 Million Subordinated Debt and Equity Co-Investment in Cape Electrical Supply, LLC, Announced
PITTSBURGH, PA - November 6, 2007
PNC Mezzanine Capital announced today a subordinated debt and equity co-investment in Cape Electrical Supply, LLC, a regional distributor of electrical and communication products serving commercial, industrial and residential contractors, as well as industrial, utility, and retail customers.
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$20.0 Million Senior Secured Second-Lien and Subordinated Debt Investment in Bolttech, Inc. Announced
PITTSBURGH, PA - June 29, 2007
PNC Mezzanine Capital announced today a senior secured second-lien and subordinated debt investment in Bolttech, Inc., a specialized provider of industrial bolting tools, services and rentals primarily for the oil refinery, petrochemical and power generation industries.
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$18.5 Million Senior Secured Second-Lien and Subordinated Debt Investment in ACI Electronics, LLC Announced
PITTSBURGH, PA - May 23, 2007
PNC Mezzanine Capital announced today a senior secured second-lien and subordinated debt investment in ACI Electronics, LLC, a leading authorized distributor of high-reliability electronic components to the military and aerospace industries.
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$21.0 Million Subordinated Debt and Equity Investment in Stampede Meat, Inc. Announced
PITTSBURGH, PA - March 22, 2007
PNC Mezzanine Capital announced today a subordinated debt and equity investment in Stampede Meat, Inc., a value-added processor of portion-controlled beef products to the foodservice, retail and home delivery channels.
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PNC Mezzanine Capital Commits $35.2 Million in Senior Subordinated Debt and Equity To Three Middle Market Companies
PITTSBURGH, Dec. 4, 2006
PNC Mezzanine Capital, a member of The PNC Financial Services Group, Inc., announced today three senior subordinated debt and equity investments totaling $35.2 million for Davis-Standard, LLC
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Follow-on Investment to Support Century Mold Co., Inc.'s Acquisition Announced
PITTSBURGH, PA - November 30, 2006
PNC Mezzanine Capital today announced a follow-on investment to support Century Mold Co., Inc.'s acquisition of certain assets of CEP Products, Inc. in Chihuahua, Mexico, and the establishment of Century Mold Mexico, Inc.
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$5.0 million Subordinated Debt Investment to support The CAPS Group Inc.'s Acquisition Announced
PITTSBURGH, PA - October 16, 2006
PNC Mezzanine Capital announced today a subordinated debt investment to support The CAPS Group's acquisition of NEC, Inc. and NK Graphics from Group360 Visual Communications.
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$14.5 million Subordinated Debt Investment in The CAPS Group Inc. Announced
PITTSBURGH, PA - March 6, 2006
PNC Mezzanine Capital announced today a subordinated debt investment in The CAPS Group, a premier provider of graphic art services to corporations, advertising agencies and design firms.
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$16.0 million Subordinated Debt Investment in Century Mold Co., Inc. Announced
PITTSBURGH, PA - March 1, 2006
Century Mold Co., Inc is a leading designer and manufacturer of high quality, precision molded thermo-plastic, under-the-hood components for automobiles and trucks.
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PNC Mezzanine Capital Closes $350 Million Fund
PITTSBURGH, PA - November 2, 2005
PNC Mezzanine Capital announced today the first and final closing of PNC Mezzanine Partners III, L.P. with aggregate capital commitments of $350 million.
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$4.5 million Subordinated Debt Investment in Seaboard International Announced
PITTSBURGH, PA - August 31, 2005
Seaboard International is a leading manufacturer of engineered oil and gas pressure control equipment for both onshore and offshore applications.
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$18.5 million Subordinated Debt and Equity Co-Investment in InterFace Solutions, Inc. Announced
PITTSBURGH, PA - August 10, 2005
InterFace Solutions, Inc., a leading manufacturer of sealing systems and engineered composite materials, including a unique line of specialty papers.
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$20 million Junior Capital Investment in ABP Corporation Announced
PITTSBURGH, PA - July 15, 2005
ABP Corporation is the owner of Au Bon Pain, a fast casual restaurant concept founded in Boston in 1978.
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$18 million Subordinated Debt Investment in Vision-Ease Lens Announced
PITTSBURGH, PA – November 2, 2004
Vision-Ease Lens is a leading manufacturer of polycarbonate and glass optical lenses for the US prescription eyeglass market.
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$8 million Subordinated Debt Investment in Gorell Enterprises, Inc. Completed
PITTSBURGH, PA – October 26, 2004
Gorell is a manufacturer and distributor of custom replacement windows and other related products for the residential, remodeling and home improvement industry.
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Contact Media Relations:
Amy Vargo
(412) 762-1535
amy.vargo@pnc.com
Douglas P. Brosius
Managing Director
PNC Mezzanine Capital
douglas.brosius@
pncmezzanine.com
(412) 768 - 6809
