PNC Mezzanine Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, PNC Mezzanine Capital has acquired 11 companies. It has also invested in 1 other.

PNC Mezzanine Capital’s most common sectors for investment areconsumer products (14%) and manufacturing (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (49%) and secondary buyout (19%). In total, PNC Mezzanine Capital has invested in 27 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Stampede Meat for $127M.

In the last 3 years, PNC Mezzanine Capital has exited 8 companies. The Firm’s most common exit type is secondary buyout (45%). 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 Activity112
    • M&A Buy Activity72
    • M&A Sell Activity40
  • Total Sectors Invested 27
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 61
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.8/yr) # 58 2 4 1 5 2 72
vol $250M $250M
Sell (2.0/yr) # 30 2 1 2 2 3 40
vol $1.2B $340M $1.5B
  112

Most Recent M&A

Company Date Value Type
Molded Devices, Inc. 2022-08-08 - Secondary Buyout
Tempe, Arizona · www.moldeddevices.com
Alinabal, Inc. 2022-08-02 - Buyout (LBO, MBO, MBI)
Milford, Connecticut · www.alinabal.com
Polycor, Inc. 2022-05-04 - Secondary Buyout
Quebec, Quebec · www.polycor.com
Hoskin Scientific Ltd. 2022-01-12 - Buyout (LBO, MBO, MBI)
Burnaby, British Columbia · www.hoskin.ca
Semitorr Group, Inc. 2022-01-06 - Add-on Acquisition
Tualatin, Oregon · www.semitorrinc.com
English Riding Supply, Inc. 2021-12-31 - Recapitalization
Scranton, Pennsylvania · www.englishridingsupply.com
Revak Keen Turbomachinery 2021-12-27 - Buyout (LBO, MBO, MBI)
La Porte, Texas · www.revakkeene.com
American Track 2021-11-30 - Secondary Buyout
Fort Worth, Texas · www.americantrack.com
Mellott Co. 2021-09-27 - Buyout (LBO, MBO, MBI)
Warfordsburg, Pennsylvania · www.mellottcompany.com
Four State International Trucks LLC 2021-08-01 - Buyout (LBO, MBO, MBI)
Joplin, Missouri · www.4statetrucks.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Consumer Products 4 (13%) - 10 (14%) 61M (24%)
Manufacturing 4 (13%) - 9 (13%) -
Distribution 4 (13%) - 8 (11%) -
Machinery 2 (6%) - 5 (7%) -
Building Materials 1 (3%) - 3 (4%) -
Consumer Services 3 (10%) - 3 (4%) -
Packaging 1 (3%) - 3 (4%) -
Restaurants 2 (6%) - 3 (4%) -
Furniture - - 2 (3%) 62M (25%)
Automotive 2 (6%) - 2 (3%) -
Construction 1 (3%) - 2 (3%) -
Electrical Equipment 2 (6%) - 2 (3%) -
Electronics - - 2 (3%) -
Healthcare Services 1 (3%) - 2 (3%) -
Marketing 1 (3%) - 2 (3%) -
Metals/Mining 1 (3%) - 2 (3%) -
Plastics - - 2 (3%) -
Food - - 1 (1%) 127M (51%)
Business Services 1 (3%) - 1 (1%) -
Chemicals - - 1 (1%) -
Defense - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Environmental 1 (3%) - 1 (1%) -
Information Technology - - 1 (1%) -
Retail - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Utilities - - 1 (1%) -
Total 31 - 72 $250M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 30 (97%) - 69 (96%) 250M (100%)
  Pennsylvania 3 (10%) - 7 (10%) -
  Illinois 3 (10%) - 6 (8%) 188M (75%)
  Ohio 3 (10%) - 5 (7%) -
  Texas 1 (3%) - 5 (7%) -
  Arizona 3 (10%) - 4 (6%) -
  Tennessee 2 (6%) - 4 (6%) 62M (25%)
  New York 2 (6%) - 4 (6%) -
  Missouri 2 (6%) - 4 (6%) -
  Virginia 2 (6%) - 3 (4%) -
  Florida 1 (3%) - 3 (4%) -
  New Jersey 1 (3%) - 3 (4%) -
  Connecticut 1 (3%) - 2 (3%) -
  Oregon 1 (3%) - 2 (3%) -
  Massachusetts 1 (3%) - 2 (3%) -
  Colorado - - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Alabama 1 (3%) - 1 (1%) -
  West Virginia 1 (3%) - 1 (1%) -
  Washington 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  California - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nevada - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
Canada 1 (3%) - 2 (3%) -
  British Columbia 1 (3%) - 1 (1%) -
  Quebec - - 1 (1%) -
Poland - - 1 (1%) -
Domestic 30 (97%) - 69 (96%) 250M (100%)
Cross-border 1 (3%) - 3 (4%) -
Total 31 - 72 $250M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 16 (52%) - 35 (49%) 188M (75%)
Secondary Buyout 4 (13%) - 13 (18%) -
Recapitalization 5 (16%) - 9 (13%) -
Growth Capital 4 (13%) - 8 (11%) -
Consolidation 1 (3%) - 3 (4%) 62M (25%)
Stake Purchase 1 (3%) - 2 (3%) -
Divestiture - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 31 - 72 $250M

Exits by Deal Type

Type Total # Value
Secondary Sale 20 (50%) 350M (23%)
Trade Sale 7 (18%) 340M (23%)
Unknown 7 (18%) -
Trade Sale - Public Company 4 (10%) 806M (54%)
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 40 $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 Meat, 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)
21%
15 (21%)
Exited to
Investor(s)
50%
20 (50%)
Strategic(s)
30%
12 (30%)

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