Powertrack International

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Powertrack International

F.N.B. Capital Partners, L.P. (“FNBCP”) provided mezzanine debt and preferred equity to facilitate the acquisition of Powertrack International (“Powertrack” or the “Company”).  Based in Pittsburgh, PA, Powertrack is a high performance wholesale distributor of industrial and hydraulic hose and fittings products with three operating locations: Pittsburgh, Pennsylvania; Houston, Texas; and Long Beach, California. FNBCP purchased the Company from the President and founder, Edward Condon, as part of an overall business succession and growth strategy for the company.  FNBCP worked closely with Jason Lewis of Regent Square Capital, LLC (“RSC”) and with other investors to close the deal. More information can be found by visiting the Company’s website at www.marcellushose.com or www.powertrackhose.com.

F.N.B. Capital Partners Acquires Powertrack International

Pittsburgh, PA – October 28, 2014 – F.N.B. Capital Partners, L.P.  led the acquisition of Powertrack International with a group of local investors and the Company’s management team.  FNBCP is a $175 million fund of committed capital licensed as a Small Business Investment Company (“SBIC”) and managed by Tecum Capital Management, Inc.  RSC pursues targets where principals can play a more active role in supporting portfolio companies, which is one of several reasons Powertrack presented a great opportunity for FNBCP and RSC to work together. 

“We are extremely excited to partner with the team at Powertrack International and RSC, and it is equally exciting to be able to make another investment in our home market.” noted Stephen Gurgovits, Jr., Managing Partner of F.N.B. Capital Partners, L.P.  FNBCP partner, Tyson Smith led the transaction and added, “Industry trends appear very favorable for the company.  We think there is strong growth potential with the continuing increase in Marcellus Shale activity.  We are also excited to partner with RSC principal Jason Lewis on this investment.  Jason possesses a unique blend of combat-tested leadership skills, Wall Street deal making background, and big company strategy that, together with Powertrack’s management team, should help drive growth.”

Long-time employee, Andrew Kuron, will serve as President of the company and Mr. Condon will continue to work with the company in a consulting capacity.  “We are very pleased to have FNBCP partner with Powertrack International”, said Edward Condon.  “Their investment and strategic support will further strengthen our ability to help Powertrack capitalize on the numerous growth opportunities ahead.”

First National Bank of Pennsylvania provided the senior financing, while Cohen & Grigsby, P.C. served as legal advisor.

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