F.N.B. Capital Corporation Successfully Exits MLP Steel Investment
Pittsburgh, PA – June 16, 2011 – F.N.B. Capital Corporation, LLC, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE : FNB), today announced that it successfully exited its investment in the Scottdale, PA-based MLP Steel, LLC. In January 2008, F.N.B. Capital Corporation provided capital to Jim Philipkosky of MLP Capital Partners, LLC when he led a change of control transaction to purchase MLP Steel, formerly known as Marwas Steel Company. Despite uncertain economic times, MLP Steel has performed well over the past three years, as evidenced by the company’s successful outcome.
Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation, commented, “It has been a rewarding experience to partner with Philipkosky in his efforts as he and members of MLP Steel’s management team have successfully navigated the company during unpredictable economic times. It is great to see a local company thriving in the steel industry, and we are proud to have been part of this success.”
“F.N.B. has been a supportive and terrific partner throughout the entire process. Their confidence and support of the company’s and management’s decisions reflect the knowledge and professionalism they bring to the table,” said Philipkosky. Jeff Pfeifer, President and CEO of MLP Steel added, “At the time of F.N.B. Capital Corp’s investment in MLP Steel, metal working companies were not highly sought after by the investment community. F.N.B. had the foresight to recognize the opportunity within the industry and, as a result, they achieved an excellent outcome by helping MLP Steel realize its vision.”
Since its inception in 2005, F.N.B. Capital Corporation has completed sixteen transactions. Over the past 12 months, the Company has successfully harvested three transactions, including MLP Steel.
About MLP Steel
MLP Steel (www.mlpsteel.com) is a leading manufacturer and fabricator of specialty steel wire and rod products and heavy duty grating in the Pittsburgh area. MLP Steel’s Fayette Steel Division cold draws steel rod and deforms, and straight and cuts steel wire. It also produces wire in a variety of shapes including flat, square, triangular and hexagonal to customer specification. Laurel Steel Division manufactures standard and special heavy duty steel grating used in a variety of industrial applications.