F.N.B. Capital Partners LP has provided mezzanine financing and an equity co-investment toward the acquisition of a Cleveland-based manufacturer.
FNBCP partnered with Pilgrim Capital Partners, a private equity firm based in Fairfield, Conn., and the CEO of Heat Seal LLC, a 65-year-old food packaging equipment maker, on the transaction. Financials were not disclosed, nor were Heat Seal’s sales.
But Wexford-based FNBCP typically invests between $3 million and $10 million. Pilgrim said it invests in companies with at least $10 million in revenue. KeyBank National Association provided the senior financing and McGuireWoods LLP served as legal advisor to FNBCP.
Heat Seal is known for producing shrink packaging equipment, wrappers and bundlers for consumer products and industrial markets, tools such as pineapple peelers and corers and cheese cutters and heavy duty stainless steel tables.
FNBCP is licensed as a Small Business Investment Company, meaning it can leverage SBA dollars. Since raising a $175 million fund two years ago, it has invested $117 million in 17 companies.
“Right now, it looks like we we’ll begin the process of raising our next fund in second half of 2016,” said Stephen Gurgovits Jr., managing partner.