F.N.B. Capital Corporation Successfully Exits Local Pittsburgh Investment
Pittsburgh, PA – November 10, 2011 – F.N.B. Capital Corporation, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE : FNB), today announced the successful exit of a mezzanine financing transaction with Remote DBA Experts, LLC, a leading Pittsburgh, PA-based provider of remote database management services.
The mezzanine financing provided by F.N.B. Capital Corporation was utilized to pursue organic growth opportunities, as well as to facilitate the leveraged spinout of Remote DBA Experts from its parent company. Remote DBA Experts has since experienced tremendous growth, increasing revenues by more than 68% and doubling its employee base from 36 to 73 during F.N.B. Capital Corporation’s investment period.
“We are thrilled that we were able to help Remote DBA Experts achieve expansion goals,” notes Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation. “Their leadership team capitalized on growth opportunities, demonstrating that the firm is a leading provider of remote database services to both small and large business clients throughout the United States. This transaction has been a win-win for both Remote DBA Experts and F.N.B. Capital Corporation.
”Remote DBA Experts President, Buddy Flerl, issued the following statement: “The growth curve and market dynamics clearly indicated that it was time to bring on a strong financial partner, and F.N.B. Capital Corporation was the right choice to help us achieve our objectives. Remote DBA Experts has maintained its leadership position as a pure-play, 100% on-shore database-managed services provider, and we continue on a tremendous growth trajectory.”
About Remote DBA Experts
Remote DBA Experts, based in Pittsburgh, Pennsylvania, is a leading provider of high-quality, customized remote database administration services to client organizations throughout the United States. The Company has been providing supplemental and full remote database administration services since 1994. Remote DBA Experts offers its customers ready access to experts in all major database disciplines by utilizing their ‘TeamShare’ platform which provides clients with a vast and diverse array of technical expertise 365 days a year, 24 hours a day, 7 days a week. The Company’s database management services include database design and creation, configuration, security and connection management, proactive monitoring utilizing proprietary technology tools and backup recovery planning, testing and tuning. The Company also provides database problem determination and correction, space management security administration/maintenance, schema object creation/management and consultation support. F.N.B. Capital Corporation provided mezzanine debt capital to assist in the continued growth and expansion of the Company.