M&A Deal Summary

PNC Mezzanine Capital Acquires Mountainside Fitness

On August 20, 2019, mezzanine finance firm PNC Mezzanine Capital acquired consumer services company Mountainside Fitness

Acquisition Highlights
  • This is PNC Mezzanine Capital’s 3rd transaction in the Consumer Services sector.
  • This is PNC Mezzanine Capital’s 59th transaction in the United States.
  • This is PNC Mezzanine Capital’s 4th transaction in Arizona.

M&A Deal Summary
Date 2019-08-20
Target Mountainside Fitness
Sector Consumer Services
Buyer(s) PNC Mezzanine Capital
Deal Type Recapitalization

Target

Mountainside Fitness

Tempe, Arizona, United States
Mountainside Fitness is a health club chain in Arizona with 17 fitness centers located across the Phoenix metropolitan area. Mountainside offers a blend of large-format and smaller footprint clubs to best serve the needs of its large customer base. Mountainside Fitness was founded in 1991 and is based in Tempe, Arizona.

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Buyer(S) 1

Buyer

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 62 of 77
Sector (Consumer Services) 3 of 3
Type (Recapitalization) 7 of 8
State (Arizona) 4 of 4
Country (United States) 59 of 73
Year (2019) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 SemiTorr

Tualatin, Oregon, United States

SemiTorr Group is a sales and distribution company for gas and fluid handling systems and components. Focused on three major market segments high purity, sanitary and industrial – its products include process equipment, pumps, tubing, hoses, fittings, valves, filtration and instrumentation. Semitorr Group was founded in 1988 and is based in Tualatin, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-12 Industrial Valve

Eight Mile, Alabama, United States

Industrial Valve is a provider of specialty valve repair services and distributor of new and refurbished valves to an impressive base of blue-chip customers. IVS focuses on providing mission-critical inspection, maintenance and repair services for safety, manual and control valves within the Power, Paper, Chemical and Oil & Gas end markets. Industrial Valve was founded in 1975 and is based in Eight Mile, Alabama.

Buy -
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