PNC Mezzanine Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, PNC Mezzanine Capital has acquired 9 companies. It has also invested in 3 others.

PNC Mezzanine Capital’s most common sectors for investment aremanufacturing (13%) and consumer products (11%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (20%). In total, PNC Mezzanine Capital has invested in 25 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Stampede Culinary Partners for $127M.

In the last 3 years, PNC Mezzanine Capital has exited 13 companies. The Firm’s most common exit type is secondary buyout (39%). PNC Mezzanine Capital’s largest (disclosed) exit occurred in 2011 when it sold Seaboard International for $675M.

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M&A Summary

  • M&A Total Activity126
    • M&A Buy Activity77
    • M&A Sell Activity49
  • Total Sectors Invested 29
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 60
  • M&A Advisors 1

PNC Mezzanine Capital

Three PNC Plaza, 9th Floor: 225 5th Avenue,
Pittsburgh, Pennsylvania 15222
United States
www.pnc.com/mezzanine/
preston.walsh@pncmezzanine.com

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Furniture, Healthcare Services, Machinery, Manufacturing, Marketing, Metals/Mining, Packaging, Plastics, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Recapitalization, Acquisition Financing, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 20 -
Target EBITDA 4 -
Investment Size 10 50
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.6/yr) # 64 1 6 4 1 1 77
vol $250M $250M
Sell (3.0/yr) # 34 2 3 6 3 1 49
vol $1.5B $1.5B
  126

Most Recent M&A

Company Date Value Type
Mantaline Corp. 2024-03-12 - Buyout (LBO, MBO, MBI)
Mantua, Ohio · www.mantaline.com
TPC Wire & Cable Corp. 2024-02-08 - Trade Sale
Macedonia, Ohio · www.tpcwire.com
Elgin Fastener Group LLC 2023-09-11 - Trade Sale
Wheeling, Illinois · www.elginfasteners.com
Miller Environmental Services LLC 2023-09-01 - Secondary Buyout
Deer Park, Texas · www.miller-is.com
Excel Orthopedic Physical Therapy 2023-08-31 - Trade Sale
Hackensack, New Jersey · www.exceltherapy.com
Revak Keen Turbomachinery 2023-07-01 - Trade Sale
La Porte, Texas · www.revakkeene.com
The Industrial Service Group 2022-12-07 - Secondary Sale
Indianapolis, Indiana · www.isgservice.com
CST Utilities LLC 2022-11-17 - Growth Capital
Grove city, Ohio · www.cstutilitiesllc.com
Aptyx 2022-08-08 - Secondary Sale
Tempe, Arizona · www.aptyx.com
Alinabal LLC 2022-08-02 - Buyout (LBO, MBO, MBI)
Milford, Connecticut · www.alinabal.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Identity Group LLC 2014-05-27 Redi-Tag Corp. 2023-05-08 1
Nashville, Tennessee · www.identitygroup.com Nashville, Tennessee · www.reditag.com
Buffalo Games, Inc. 2018-10-04 EastPoint Sports Ltd. 2023-03-13 1
Buffalo, New York · www.buffalogames.com Succasunna, New Jersey · www.eastpointsports.com
Crunch LLC 2018-07-01 Crunch Fitness - Moorestown 2022-04-19 4
New York, New York · www.crunch.com Moorestown, New Jersey
Crunch LLC 2018-07-01 Crunch Fitness - Somerset 2022-04-19 3
New York, New York · www.crunch.com Somerset, New Jersey
C.P. Converters, Inc. 2012-12-20 Genpak Flexible 2020-06-19 7
York, Pennsylvania · www.cpflexpack.com Aurora, Ontario · www.genpakflexible.com
Crunch LLC 2018-07-01 Crunch Fitness - Harrisburg 2020-02-13 2
New York, New York · www.crunch.com Harrisburg, Pennsylvania
Crunch LLC 2018-07-01 Crunch Fitness - Paramus 2019-10-30 1
New York, New York · www.crunch.com Paramus, New Jersey
C.P. Converters, Inc. 2012-12-20 Flexo Transparent, Inc. 2019-03-14 6
York, Pennsylvania · www.cpflexpack.com Buffalo, New York · www.flexotransparent.com
C.P. Converters, Inc. 2012-12-20 MRI Flexible Packaging Company 2014-09-18 5
York, Pennsylvania · www.cpflexpack.com Newtown, Pennsylvania · www.mriflex.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 3 (12%) - 10 (13%) -
Consumer Products 3 (12%) - 8 (10%) 61M (24%)
Distribution 4 (16%) - 8 (10%) -
Machinery 1 (4%) - 5 (6%) -
Automotive 3 (12%) - 3 (4%) -
Building Materials 1 (4%) - 3 (4%) -
Consumer Services 2 (8%) - 3 (4%) -
Packaging 1 (4%) - 3 (4%) -
Restaurants - - 3 (4%) -
Furniture - - 2 (3%) 62M (25%)
Business Services 1 (4%) - 2 (3%) -
Chemicals 1 (4%) - 2 (3%) -
Construction 1 (4%) - 2 (3%) -
Electrical Equipment - - 2 (3%) -
Electronics - - 2 (3%) -
Environmental 1 (4%) - 2 (3%) -
Healthcare Services - - 2 (3%) -
Plastics - - 2 (3%) -
Retail - - 2 (3%) -
Utilities 1 (4%) - 2 (3%) -
Food - - 1 (1%) 127M (51%)
Apparel/Textiles 1 (4%) - 1 (1%) -
Defense - - 1 (1%) -
Education - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Information Technology - - 1 (1%) -
Marketing 1 (4%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 25 - 77 $250M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (92%) - 73 (95%) 250M (100%)
  Ohio 4 (16%) - 7 (9%) -
  Pennsylvania 3 (12%) - 7 (9%) -
  Illinois 2 (8%) - 7 (9%) 188M (75%)
  Texas 1 (4%) - 6 (8%) -
  New York 3 (12%) - 5 (6%) -
  Tennessee 2 (8%) - 4 (5%) 62M (25%)
  Arizona 1 (4%) - 4 (5%) -
  Florida 1 (4%) - 3 (4%) -
  Missouri 1 (4%) - 3 (4%) -
  Virginia - - 3 (4%) -
  New Jersey - - 3 (4%) -
  Connecticut 1 (4%) - 2 (3%) -
  Minnesota 1 (4%) - 2 (3%) -
  Massachusetts 1 (4%) - 2 (3%) -
  Colorado - - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Oregon - - 2 (3%) -
  Indiana - - 2 (3%) -
  West Virginia 1 (4%) - 1 (1%) -
  Michigan 1 (4%) - 1 (1%) -
  California - - 1 (1%) -
  Alabama - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Kansas - - 1 (1%) -
Canada 2 (8%) - 3 (4%) -
  British Columbia 2 (8%) - 2 (3%) -
  Quebec - - 1 (1%) -
Poland - - 1 (1%) -
Domestic 23 (92%) - 73 (95%) 250M (100%)
Cross-border 2 (8%) - 4 (5%) -
Total 25 - 77 $250M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (52%) - 38 (49%) 188M (75%)
Secondary Buyout 5 (20%) - 15 (19%) -
Growth Capital 4 (16%) - 10 (13%) -
Recapitalization 2 (8%) - 8 (10%) -
Consolidation - - 2 (3%) 62M (25%)
Stake Purchase 1 (4%) - 2 (3%) -
Divestiture - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 25 - 77 $250M

Exits by Deal Type

Type Total # Value
Secondary Sale 21 (43%) 350M (23%)
Trade Sale 12 (24%) 340M (23%)
Unknown 10 (20%) -
Trade Sale - Public Company 4 (8%) 806M (54%)
Merger 1 (2%) -
Recapitalization 1 (2%) -
Total 49 $1.5B

Top M&A Advisors

Financial Deals
Brookwood Associates
 1

Deal Values

buy # Total
$100M to $1B 1 $127M
< $100M 2 $123M
TOTAL $250M
Largest Stampede Culinary Partners, Inc.
$127M (2007-03-22)
sell # Total
$100M to $1B 4 $1.4B
< $100M 1 $100M
TOTAL $1.5B
Largest Seaboard International, Inc.
$675M (2011-11-23)

M&A Connections

Deals
Acquired from
Investor(s)
22%
17 (22%)
Exited to
Investor(s)
43%
21 (43%)
Strategic(s)
35%
17 (35%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

1.5B USD

Established

1989

Specialist/Generalist

Generalist

Subsidiary of

PNC

Leadership

Michael Venditti

Managing Director

B. Douglas Phillips

Partner

Douglas Brosius

Partner

Preston Walsh

Partner

Robert Codol

Partner

FAQ

When was PNC Mezzanine Capital founded?

PNC Mezzanine Capital was founded in 1989.

What type of investor is PNC Mezzanine Capital?

PNC Mezzanine Capital is a mezzanine finance firm.

Where is PNC Mezzanine Capital headquartered?

PNC Mezzanine Capital is headquartered in Pittsburgh, Pennsylvania.

How much capital does PNC Mezzanine Capital have under management?

PNC Mezzanine Capital has 1.5B USD under management.

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