PNC Mezzanine Capital Mergers and Acquisitions Summary

Private Equity 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 are consumer products (16%) and machinery (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) 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 (40%). 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 Activity100
    • M&A Buy Activity65
    • M&A Sell Activity35
  • Total Sectors Invested 25
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 55
  • M&A Advisors 1

PNC Mezzanine Capital

Two PNC Plaza, 22nd Floor, 620 Liberty Avenue,
Pittsburgh, Pennsylvania 15222
United States
(412) 762-7172
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.6/yr) # 52 4 2 2 4 1 65
vol $250M $250M
Sell (2.2/yr) # 24 3 3 2 1 2 35
vol $1.2B $340M $1.5B
  100

Most Recent M&A

Company Date Value Type
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
Semitorr Group, Inc. 2019-01-08 - Secondary Buyout
Tualatin, Oregon · www.semitorrinc.com
Buffalo Games, Inc. 2018-10-04 - Buyout (LBO, MBO, MBI)
Buffalo, New York · www.buffalogames.com
Crunch LLC 2018-07-01 - Secondary Buyout
New York, New York · www.crunch.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
C.P. Converters, Inc. 2012-12-20 Genpak Flexible 2020-06-19 3
York, Pennsylvania · www.cpflexpack.com Aurora, Ontario · www.genpakflexible.com
American Track 2016-11-07 Savage Co's - Track Inspection, Maintenance and Repair Group 2020-04-22 1
Fort Worth, Texas · www.americantrack.com , Utah
Molded Devices, Inc. 2015-12-31 MEDEFAB 2020-03-12 1
Tempe, Arizona · www.moldeddevices.com Jaffrey, New Hampshire · www.medefab.com
Crunch LLC 2018-07-01 Crunch Fitness - Harrisburg 2020-02-13 2
New York, New York · www.crunch.com Harrisburg, Pennsylvania
Resource Label Group LLC 2011-04-05 Axiom Label & Packaging 2020-02-05 14
Franklin, Tennessee · www.resourcelabelgroup.com Compton, California · www.axiomlabel.com
Crunch LLC 2018-07-01 Crunch Fitness - Paramus 2019-10-30 1
New York, New York · www.crunch.com Paramus, New Jersey
Polycor, Inc. 2016-09-16 Elliott Stone Co., Inc. 2019-10-01 3
Quebec, Quebec · www.polycor.com Bedford, Indiana · www.elliottstone.com
TPC Wire & Cable Corp. 2015-05-14 Pittsburgh Wire & Cable, Inc. 2019-09-30 6
Macedonia, Ohio · www.tpcwire.com Pittsburgh, Pennsylvania · www.pittsburghwire.com
TPC Wire & Cable Corp. 2015-05-14 Cicoil Corp. 2019-09-30 5
Macedonia, Ohio · www.tpcwire.com Valencia, California · www.cicoil.com
RESCON Restoration & Construction 2017-08-21 Parker Young Construction & Firestar, Inc. 2019-06-28 1
Newton, Massachusetts · www.gorescon.com Norcross, Georgia · www.parkeryoung.com

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 4 (14%) - 10 (15%) 61M (24%)
Machinery 3 (10%) - 7 (11%) -
Distribution 2 (7%) - 6 (9%) -
Manufacturing 3 (10%) - 6 (9%) -
Building Materials 2 (7%) - 3 (5%) -
Consumer Services 3 (10%) - 3 (5%) -
Packaging 2 (7%) - 3 (5%) -
Restaurants 2 (7%) - 3 (5%) -
Furniture - - 2 (3%) 62M (25%)
Automotive 2 (7%) - 2 (3%) -
Construction 2 (7%) - 2 (3%) -
Electronics - - 2 (3%) -
Healthcare Services 1 (3%) - 2 (3%) -
Marketing 1 (3%) - 2 (3%) -
Plastics - - 2 (3%) -
Food - - 1 (2%) 127M (51%)
Chemicals - - 1 (2%) -
Defense - - 1 (2%) -
Electrical Equipment 1 (3%) - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Environmental 1 (3%) - 1 (2%) -
Information Technology - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Retail - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Total 29 - 65 $250M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 28 (97%) - 63 (97%) 250M (100%)
  Illinois 3 (10%) - 6 (9%) 188M (75%)
  Ohio 3 (10%) - 5 (8%) -
  Pennsylvania 1 (3%) - 5 (8%) -
  Arizona 4 (14%) - 4 (6%) -
  Tennessee 3 (10%) - 4 (6%) 62M (25%)
  New York 2 (7%) - 4 (6%) -
  Texas 1 (3%) - 4 (6%) -
  Virginia 2 (7%) - 3 (5%) -
  New Jersey 1 (3%) - 3 (5%) -
  Missouri 1 (3%) - 3 (5%) -
  Florida 1 (3%) - 3 (5%) -
  Massachusetts 1 (3%) - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Colorado - - 2 (3%) -
  West Virginia 1 (3%) - 1 (2%) -
  Washington 1 (3%) - 1 (2%) -
  Oregon 1 (3%) - 1 (2%) -
  Michigan 1 (3%) - 1 (2%) -
  Alabama 1 (3%) - 1 (2%) -
  North Carolina - - 1 (2%) -
  Nevada - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Kansas - - 1 (2%) -
  Indiana - - 1 (2%) -
  Connecticut - - 1 (2%) -
  California - - 1 (2%) -
Canada 1 (3%) - 1 (2%) -
  Quebec 1 (3%) - 1 (2%) -
Poland - - 1 (2%) -
Domestic 28 (97%) - 63 (97%) 250M (100%)
Cross-border 1 (3%) - 2 (3%) -
Total 29 - 65 $250M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 14 (48%) - 31 (48%) 188M (75%)
Secondary Buyout 6 (21%) - 12 (18%) -
Growth Capital 3 (10%) - 8 (12%) -
Recapitalization 5 (17%) - 8 (12%) -
Consolidation - - 2 (3%) 62M (25%)
Stake Purchase 1 (3%) - 2 (3%) -
Divestiture - - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 29 - 65 $250M

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (46%) 350M (23%)
Unknown 7 (20%) -
Trade Sale 6 (17%) 340M (23%)
Trade Sale - Public Company 4 (11%) 806M (54%)
Merger 1 (3%) -
Recapitalization 1 (3%) -
Total 35 $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
PE Firm(s)
100%
16 100%
Exited to
PE Firm(s)
68%
21 68%
Strategic(s)
32%
10 32%

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