F.N.B. Capital Corporation Exits Paragon Asset Recovery Services, Inc.
Pittsburgh, PA – February 22, 2013 – F.N.B. Capital Corporation, LLC, the Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE : FNB), today announced the successful exit from Coraopolis, PA-based Paragon Asset Recovery Services, Inc. (Paragon). F.N.B. Capital harvested the investment as the result of the successful recapitalization of the business.
F.N.B. Capital’s investment provided growth capital and supported the leveraged spin-off of Paragon from a division of its publically-traded company located in Chicago, Illinois. The transaction enabled the local Pittsburgh management team to acquire controlling ownership of the business.
Joe Warnagiris, Chief Executive Officer of Paragon noted, “Our partnership with F.N.B. Capital has been great. Not only did they provide the financial resources we needed to acquire and grow Paragon, but they also went out of their way to provide us access to other resources in their network. We are appreciative of the assistance they have provided to help Paragon achieve its goals.”
Paragon is a specialty consulting and solutions services firm focused on large property and casualty commercial insurance companies. They primarily research and claim uncollected commercial insurance premiums and subrogation claims from third parties.