PNC Mezzanine Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, PNC Mezzanine Capital has acquired 8 companies. It has also invested in 1 other.

PNC Mezzanine Capital’s most common sectors for investment areconsumer products (15%) and manufacturing (11%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and secondary buyout (20%). 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 6 companies. The Firm’s most common exit type is secondary buyout (42%). 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 Activity103
    • M&A Buy Activity67
    • M&A Sell Activity36
  • Total Sectors Invested 27
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 56
  • M&A Advisors 1

PNC Mezzanine Capital

Two PNC Plaza 620 Liberty Avenue 22nd Floor,
Pittsburgh, Pennsylvania 15222
United States
(412) 768-6809
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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 56 2 2 4 1 2 67
vol $250M $250M
Sell (1.8/yr) # 27 3 2 1 2 1 36
vol $1.2B $340M $1.5B
  103

Most Recent M&A

Company Date Value Type
Mellott Co. 2021-09-27 - Buyout (LBO, MBO, MBI)
Warfordsburg, Pennsylvania · www.mellottcompany.com
Resource Label Group LLC 2021-07-08 - Secondary Buyout
Franklin, Tennessee · www.resourcelabelgroup.com
ESAM, Inc. 2021-04-01 - Growth Capital
Grants Pass, Oregon · www.esam.com
Kmco LLC 2020-06-01 - Add-on Acquisition
Houston, Texas · www.kmcoinc.com
Thaler Machine Co. 2020-03-26 - Buyout (LBO, MBO, MBI)
Springboro, Ohio · www.thalermachine.com
Prospect Mold, Inc. 2020-01-01 - Unknown
Cuyahoga Falls, Ohio · www.prospectmold.com
AAMP of America, Inc. 2019-11-06 - Secondary Buyout
Clearwater, Florida · www.aampofamerica.com
Hollywood Beauty Products 2019-10-18 - Buyout (LBO, MBO, MBI)
Miami, Florida · www.hollywoodbeautyproducts.com
Industrial Valve Sales & Services 2019-09-12 - Buyout (LBO, MBO, MBI)
Eight Mile, Alabama · www.indvalve.com
Mountainside Fitness 2019-08-20 - Recapitalization
Tempe, Arizona · www.mountainsidefitness.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
C.P. Converters, Inc. 2012-12-20 Genpak Flexible 2020-06-19 5
York, Pennsylvania · www.cpflexpack.com Aurora, Ontario · www.genpakflexible.com
American Track 2016-11-04 Savage Co's - Track Inspection, Maintenance and Repair Group 2020-04-22 2
Fort Worth, Texas · www.americantrack.com , Utah
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 4
York, Pennsylvania · www.cpflexpack.com Buffalo, New York · www.flexotransparent.com
Polycor, Inc. 2016-09-16 Rock of Ages Corp. 2016-09-16 4
Quebec, Quebec · www.polycor.com Graniteville, Vermont · www.rockofages.com
C.P. Converters, Inc. 2012-12-20 MRI Flexible Packaging Company 2014-09-18 3
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 (15%) 61M (24%)
Manufacturing 4 (13%) - 7 (10%) -
Machinery 2 (7%) - 6 (9%) -
Distribution 2 (7%) - 5 (7%) -
Building Materials 2 (7%) - 3 (4%) -
Consumer Services 3 (10%) - 3 (4%) -
Packaging 1 (3%) - 3 (4%) -
Restaurants 2 (7%) - 3 (4%) -
Furniture - - 2 (3%) 62M (25%)
Automotive 2 (7%) - 2 (3%) -
Construction 2 (7%) - 2 (3%) -
Electrical Equipment 2 (7%) - 2 (3%) -
Electronics - - 2 (3%) -
Healthcare Services 1 (3%) - 2 (3%) -
Marketing 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%) -
Metals/Mining - - 1 (1%) -
Retail - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Utilities - - 1 (1%) -
Total 30 - 67 $250M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 29 (97%) - 65 (97%) 250M (100%)
  Illinois 3 (10%) - 6 (9%) 188M (75%)
  Pennsylvania 2 (7%) - 6 (9%) -
  Ohio 3 (10%) - 5 (7%) -
  Arizona 4 (13%) - 4 (6%) -
  Tennessee 2 (7%) - 4 (6%) 62M (25%)
  New York 2 (7%) - 4 (6%) -
  Texas 1 (3%) - 4 (6%) -
  Virginia 2 (7%) - 3 (4%) -
  New Jersey 1 (3%) - 3 (4%) -
  Missouri 1 (3%) - 3 (4%) -
  Florida 1 (3%) - 3 (4%) -
  Oregon 2 (7%) - 2 (3%) -
  Massachusetts 1 (3%) - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Colorado - - 2 (3%) -
  West Virginia 1 (3%) - 1 (1%) -
  Washington 1 (3%) - 1 (1%) -
  Michigan 1 (3%) - 1 (1%) -
  Alabama 1 (3%) - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nevada - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
  Connecticut - - 1 (1%) -
  California - - 1 (1%) -
Canada 1 (3%) - 1 (1%) -
  Quebec 1 (3%) - 1 (1%) -
Poland - - 1 (1%) -
Domestic 29 (97%) - 65 (97%) 250M (100%)
Cross-border 1 (3%) - 2 (3%) -
Total 30 - 67 $250M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 14 (47%) - 31 (46%) 188M (75%)
Secondary Buyout 5 (17%) - 13 (19%) -
Growth Capital 4 (13%) - 8 (12%) -
Recapitalization 5 (17%) - 8 (12%) -
Consolidation 1 (3%) - 3 (4%) 62M (25%)
Stake Purchase 1 (3%) - 2 (3%) -
Divestiture - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 30 - 67 $250M

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (47%) 350M (23%)
Unknown 7 (19%) -
Trade Sale 6 (17%) 340M (23%)
Trade Sale - Public Company 4 (11%) 806M (54%)
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 36 $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)
22%
15 (22%)
Exited to
Investor(s)
47%
17 (47%)
Strategic(s)
28%
10 (28%)

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