AlturnaMATS, Inc. was founded in 1995 in Titusville, PA by a heavy equipment mechanic seeking a better way to prevent ground damage from equipment during excavation and construction work. He developed plastic protection mats that proved to be much more durable than the plywood alternative. In addition to protecting landscaping, the mats have a patented tread to provide traction for transport equipment. Today, the mats are used globally throughout the construction and drilling industries and are also used by golf courses, cemeteries and universities. Additional information is available at the Company’s website www.alturnamats.com.
The General Manager of this Titusville-based manufacturer of ground protection mats and related products contacted F.N.B. Capital Corporation to facilitate a management buyout of the company from its existing owners. In 2006, F.N.B. Capital Corporation provided mezzanine financing that supported the acquisition strategy, creating an opportunity for the General Manager to take control of the company while providing a liquidity event for the existing owners. With F.N.B. Capital’s tactical, strategic and financial support, the General Manager was able to double the size of the company following the acquisition.
AlturnaMATS was recapitalized in December 2014, resulting in a positive exit for F.N.B. Capital Corporation.