We at F.N.B. Capital Partners, L.P. (“FNBCP”) have partnered with Daboosh Investments, LLC (“Daboosh”) to acquire Ullman Oil Company (“Ullman”). Ullman, a family owned business for nearly 50 years, provides fueling services to customers throughout Northeast and East Ohio. Daboosh led the transaction and we provided mezzanine debt to facilitate the buyout. The Ullman family members re-invested in the business and will continue to be actively involved in the ongoing operations with their new partners. Daboosh is led by Cleveland-area native Jennifer Berlin.
We are very excited to partner with Daboosh and the Ullmans on this great opportunity. The investment represents our second Cleveland-area portfolio company and we would like to continue investing in this great market. We feel Daboosh is an excellent fit for continuing the family tradition at Ullman, and we are very confident in the continued growth of the business. In addition, one of the partners at FNBCP, Matthew Harnett, is a Northeast Ohio native and led the transaction.
It was great working with Jennifer Berlin of Daboosh and her husband Scott Berlin at Brown Gibbons Lang & Company. They were excellent communicators during the closing process and we look forward to continuing this partnership in the future. Jennifer Berlin left a successful legal career to pursue another life as an entrepreneur with this purchase of Ullman. Jennifer was interviewed by the Crain’s Cleveland Business newspaper and the link to the full article can be found by clicking here. Also, the Pittsburgh Business Times completed an article regarding the acquisition which can be found by clicking here.
The transaction was our 15th investment in FNBCP’s inaugural SBIC fund. This investment also officially put us over the $100 million of outstanding investments. Other parties involved in the transaction were Alostar Bank of Commerce providing the senior financing and Cohen & Grigsby, P.C. serving as legal advisor to FNBCP.