FNBCP Provides Mezzanine Debt and Equity to Support Acquisition of Allegheny Performance Plastics

APP2FNBCP was first approached by President Greg Shoup and Operations Manager Shevey Westbrook of Allegheny Performance Plastics (“APP” or “the Company”) in early 2015 with the goal of executing a management-led buyout from its parent company, Allegheny Plastics, Inc.  After consulting with Mr. Shoup and Mr. Westbrook on a number of occasions, FNBCP recommended they reach out to an operationally-focused sponsor group to help lead the transaction.

Nearly a year later, the APP management team had selected a sponsorship duo in the form of JWI Capital and Squire Ridge Company of Northeast Ohio, and with some additional financing provided by FNBCP, were poised to execute their ambitious plan.  During the course of the following two months, the team at FNBCP became increasingly impressed with Mr. Shoup, Mr. Westbrook and the rest of team at APP.  After a number of management meetings and a tour of the Company’s Leetsdale, PA facility, it became clear that their years of hard work and perseverance had cultivated an environment of collaboration and innovation.

Under Mr. Shoup’s and Mr. Westbrook’s leadership, APP had transformed itself from a commodity injection-molder into a provider of solutions to technically demanding problems.  Working directly with customer engineering and design teams, APP leverages their extensive knowledge of thermoplastics to help identify the right material and production process to satisfy a customer’s needs.  In particular, APP’s expertise in metal-to-plastic part conversion has proved valuable to aerospace and automotive suppliers keen on shedding weight and increasing fuel efficiency to meet the ever-increasing federal fuel economy standards.

With new financial partners in the form of FNBCP, JWI and Squire Ridge, APP is well-positioned to continue capitalizing on the growth in applications for high-performance thermoplastics.  The team here at FNBCP is excited to see what the future holds for this innovative Pittsburgh Company.

To learn more about Allegheny Performance Plastics, visit www.allegheny.com/performance/

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