F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with JWI Capital, LLC (“JWI”), Squire Ridge Company, LLC (“Squire Ridge”) and Management to acquire Allegheny Performance Plastics, LLC (“APP”) from its parent company, Allegheny Plastics, Inc. APP’s operations are based in Leetsdale, PA where it has been processing high-performance thermoplastics for technically advanced molded parts since the 1960’s. APP has been at the forefront of the shifting industry dynamics of metal-to-plastic component conversion for the automotive and aerospace industries. JWI, Squire Ridge and Management provided a majority of the equity capital and FNBCP provided mezzanine debt and minority equity to facilitate the buyout.
“We’re very excited to partner with a Company and management team right here in Pittsburgh that has developed a culture of innovation and operational excellence” said FNBCP’s Managing Partner Stephen Gurgovits, Jr.
The transaction represents the 22nd investment in FNBCP’s inaugural SBIC fund, which launched in August, 2013. Other parties involved in the transaction were First National Bank providing the senior financing, Benesch, Friedlander, Coplan & Aronoff LLP serving as legal advisor to FNBCP and McGuire Woods, LLP serving as legal advisor to JWI and Squire Ridge. To learn more about Allegheny Performance Plastics, please visit: www.allegheny.com/performance/