PNC Mezzanine Capital Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, PNC Mezzanine Capital has acquired 2 companies. It has also invested in 2 others.

PNC Mezzanine Capital’s most common sectors for investment aremanufacturing (14%) and consumer products (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (18%). In total, PNC Mezzanine Capital has invested in 26 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Stampede Meat for $127M.

In the last 3 years, PNC Mezzanine Capital has exited 5 companies. The Firm’s most common exit type is secondary buyout (44%). PNC Mezzanine Capital’s largest (disclosed) exit occurred in 2011 when it sold Seaboard International for $675M.

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M&A Summary

  • M&A Total Activity118
    • M&A Buy Activity74
    • M&A Sell Activity44
  • Total Sectors Invested 27
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 54
  • M&A Advisors 1

PNC Mezzanine Capital

Three PNC Plaza, 9th Floor: 225 5th Avenue,
Pittsburgh, Pennsylvania 15222
United States
www.pnc.com/mezzanine/
preston.walsh@pncmezzanine.com

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Communications, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Furniture, Healthcare Services, Machinery, Manufacturing, Marketing, Metals/Mining, Packaging, Plastics, Restaurants, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Growth Capital, Recapitalization, Acquisition Financing, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 20 -
Target EBITDA 4 -
Investment Size 10 50
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.8/yr) # 65 5 4 - - - 74
vol $250M $250M
Sell (1.6/yr) # 36 3 5 - - - 44
vol $1.5B $1.5B
  118

Most Recent M&A

Company Date Value Type
The Industrial Service Group 2022-12-07 - Secondary Buyout
Indianapolis, Indiana · www.isgservice.com
CST Utilities LLC 2022-11-17 - Growth Capital
Grove city, Ohio · www.cstutilitiesllc.com
Molded Devices, Inc. 2022-08-08 - Secondary Buyout
Tempe, Arizona · www.moldeddevices.com
Alinabal, Inc. 2022-08-02 - Buyout (LBO, MBO, MBI)
Milford, Connecticut · www.alinabal.com
Century Linen & Uniform, Inc. 2022-07-29 - Growth Capital
Gloversville, New York · www.centurylinen.com
Polycor, Inc. 2022-05-04 - Secondary Buyout
Quebec, Quebec · www.polycor.com
Hoskin Scientific Ltd. 2022-01-12 - Buyout (LBO, MBO, MBI)
Burnaby, British Columbia · www.hoskin.ca
Semitorr Group, Inc. 2022-01-06 - Add-on Acquisition
Tualatin, Oregon · www.semitorrinc.com
Sauce LLC 2022-01-01 - Unknown
Scottsdale, Arizona · www.saucepizzaandwine.com
English Riding Supply, Inc. 2021-12-31 - Recapitalization
Scranton, Pennsylvania · www.englishridingsupply.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Identity Group LLC 2014-05-27 Redi-Tag Corp. 2023-05-08 1
Nashville, Tennessee · www.identitygroup.com Nashville, Tennessee · www.reditag.com
Crunch LLC 2018-07-01 Crunch Fitness - Moorestown 2022-04-19 4
New York, New York · www.crunch.com Moorestown, New Jersey
Crunch LLC 2018-07-01 Crunch Fitness - Somerset 2022-04-19 3
New York, New York · www.crunch.com Somerset, New Jersey
C.P. Converters, Inc. 2012-12-20 Genpak Flexible 2020-06-19 7
York, Pennsylvania · www.cpflexpack.com Aurora, Ontario · www.genpakflexible.com
Crunch LLC 2018-07-01 Crunch Fitness - Harrisburg 2020-02-13 2
New York, New York · www.crunch.com Harrisburg, Pennsylvania
Crunch LLC 2018-07-01 Crunch Fitness - Paramus 2019-10-30 1
New York, New York · www.crunch.com Paramus, New Jersey
C.P. Converters, Inc. 2012-12-20 Flexo Transparent, Inc. 2019-03-14 6
York, Pennsylvania · www.cpflexpack.com Buffalo, New York · www.flexotransparent.com
C.P. Converters, Inc. 2012-12-20 MRI Flexible Packaging Company 2014-09-18 5
York, Pennsylvania · www.cpflexpack.com Newtown, Pennsylvania · www.mriflex.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 5 (19%) - 10 (14%) -
Consumer Products 3 (11%) - 9 (12%) 61M (24%)
Distribution 4 (15%) - 9 (12%) -
Machinery 2 (7%) - 5 (7%) -
Building Materials 1 (4%) - 3 (4%) -
Consumer Services 2 (7%) - 3 (4%) -
Packaging 1 (4%) - 3 (4%) -
Restaurants - - 3 (4%) -
Furniture - - 2 (3%) 62M (25%)
Automotive 2 (7%) - 2 (3%) -
Business Services 1 (4%) - 2 (3%) -
Construction 1 (4%) - 2 (3%) -
Electrical Equipment 1 (4%) - 2 (3%) -
Electronics - - 2 (3%) -
Healthcare Services 1 (4%) - 2 (3%) -
Marketing 1 (4%) - 2 (3%) -
Plastics - - 2 (3%) -
Utilities 1 (4%) - 2 (3%) -
Food - - 1 (1%) 127M (51%)
Apparel/Textiles 1 (4%) - 1 (1%) -
Chemicals - - 1 (1%) -
Defense - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Environmental - - 1 (1%) -
Information Technology - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Retail - - 1 (1%) -
Total 27 - 74 $250M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 25 (93%) - 70 (95%) 250M (100%)
  Pennsylvania 3 (11%) - 7 (9%) -
  Ohio 4 (15%) - 6 (8%) -
  Illinois 3 (11%) - 6 (8%) 188M (75%)
  New York 3 (11%) - 5 (7%) -
  Texas 1 (4%) - 5 (7%) -
  Tennessee 2 (7%) - 4 (5%) 62M (25%)
  Arizona 1 (4%) - 4 (5%) -
  New Jersey 1 (4%) - 3 (4%) -
  Missouri 1 (4%) - 3 (4%) -
  Florida 1 (4%) - 3 (4%) -
  Virginia - - 3 (4%) -
  Massachusetts 1 (4%) - 2 (3%) -
  Connecticut 1 (4%) - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Oregon - - 2 (3%) -
  Indiana - - 2 (3%) -
  Colorado - - 2 (3%) -
  Alabama 1 (4%) - 1 (1%) -
  West Virginia 1 (4%) - 1 (1%) -
  Michigan 1 (4%) - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nevada - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Kansas - - 1 (1%) -
  California - - 1 (1%) -
Canada 2 (7%) - 3 (4%) -
  British Columbia 2 (7%) - 2 (3%) -
  Quebec - - 1 (1%) -
Poland - - 1 (1%) -
Domestic 25 (93%) - 70 (95%) 250M (100%)
Cross-border 2 (7%) - 4 (5%) -
Total 27 - 74 $250M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 15 (56%) - 37 (50%) 188M (75%)
Secondary Buyout 4 (15%) - 13 (18%) -
Growth Capital 4 (15%) - 10 (14%) -
Recapitalization 3 (11%) - 8 (11%) -
Consolidation - - 2 (3%) 62M (25%)
Stake Purchase 1 (4%) - 2 (3%) -
Divestiture - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 27 - 74 $250M

Exits by Deal Type

Type Total # Value
Secondary Sale 21 (48%) 350M (23%)
Unknown 9 (20%) -
Trade Sale 8 (18%) 340M (23%)
Trade Sale - Public Company 4 (9%) 806M (54%)
Merger 1 (2%) -
Recapitalization 1 (2%) -
Total 44 $1.5B

Top M&A Advisors

Financial Deals
Brookwood Associates
 1

Deal Values

buy # Total
$100M to $1B 1 $127M
< $100M 2 $123M
TOTAL $250M
Largest Stampede Meat, Inc.
$127M (2007-03-22)
sell # Total
$100M to $1B 4 $1.4B
< $100M 1 $100M
TOTAL $1.5B
Largest Seaboard International, Inc.
$675M (2011-11-23)

M&A Connections

Deals
Acquired from
Investor(s)
20%
15 (20%)
Exited to
Investor(s)
48%
21 (48%)
Strategic(s)
30%
13 (30%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Large

PE Assets

1.5B USD

Established

1989

Specialist/Generalist

Generalist

Subsidiary of

PNC

Leadership

Robert Codol

Managing Director

B. Douglas Phillips

Partner

Douglas Brosius

Partner

Preston Walsh

Partner

Michael Venditti

Vice President

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