F.N.B. Capital Invests Mezzanine Debt in Powertrack
F.N.B. Capital Partners invested mezzanine debt with Powertrack. Powertrack was F.N.B. Capitals’ twelfth investment in its SBIC fund to date.
Mezzanine debt and preferred equity investment was used to facilitate the acquisition of the company from the current owner, Edward Condon. Long-time employee, Andrew Kuron, will serve as president of the company and Condon will continue to work with the company in a consulting capacity.
FNBCP worked closely with Jason Lewis of Regent Square Capital, and with other investors to close the deal. RSC pursues targets where principals can play a more active role in supporting portfolio companies, which is one of several reasons Powertrack presented a great opportunity for FNBCP and RSC to work together.
“We are very pleased to have FNBCP partner with Powertrack International”, said Edward Condon. “Their investment and strategic support will further strengthen our ability to help Powertrack capitalize on the numerous growth opportunities ahead.”
“We are extremely excited to partner with the team at Powertrack International and RSC, and it is equally exciting to be able to make another investment in our home market,” noted Stephen Gurgovits, managing partner of F.N.B. Capital Partners.
FNBCP partner Tyson Smith led the transaction, and said, “Industry trends appear very favorable for the company. We think there is strong growth potential with the continuing increase in Marcellus Shale activity. We are also excited to partner with RSC principal Jason Lewis on this investment. Jason possesses a unique blend of combat-tested leadership skills, Wall Street deal making background, and big company strategy that, together with Powertrack’s management team, should help drive growth.”
Pittsburgh-based Powertrack is a wholesale distributor of industrial and hydraulic hose and fittings products.