F.N.B. Capital Announces First Investment in New SBIC Fund
F.N.B. Capital Partners (NNBCP) announced the successful closing of the first mezzanine and equity investment for its recently launched fund. This investment supported an acquisition by 3 Rivers Capital and the management team of PHOENIX Rehabilitation and Health Services.
FNBCP is a $175 million fund of committed capital licensed as a Small Business Investment Company and managed by Tecum Capital Management Inc.
“We are extremely excited to enter into this partnership with 3 Rivers Capital and PHOENIX,” noted Stephen Gurgovits, Jr., managing partner of F.N.B. Capital Partners. “Industry trends appear favorable for the physical therapy industry, and PHOENIX has a great market presence and reputation in our region. The PHOENIX management team has created a working environment and support system which permits physical therapists to focus on creating good outcomes for patients and thrive in an entrepreneurial environment.”
“We are very excited to have F.N.B. Capital partner with us to support our investment in PHOENIX,” said Bob McGuire, a partner at 3RC. “Their investment and strategic support will further strengthen our ability to help PHOENIX capitalize on the numerous growth opportunities in the outpatient physical therapy market.”
Indiana, PA-based PHOENIX offers physical and occupational therapy services throughout Pennsylvania, including sports rehabilitation, orthopedic rehabilitation, home health physical therapy and occupational health services.
Founded in 2005, 3RC is a Pittsburgh-based private equity firm that focuses primarily on equity recapitalizations and buyouts of privately held companies.