F.N.B. Capital Partners Licensed as SBIC
PITTSBURGH -- F.N.B. Capital Partners LP, a subsidiary of F.N.B. Corp., Hermitage, has been licensed as a Small Business Investment Company by the U.S. Small Business Administration and will engage in mezzanine financing and private equity investments in middle-market companies, the company announced Thursday.
F.N.B. Capital Partners LP will strive to accomplish this through a $175 million private equity fund for small businesses, Farmers National Banc Corp. of Canfield, Ohio, said in a separate release that reported has taken a stake in the fund. Farmers did not say how much of a stake it took.
The fund closed in May after exceeding its target of $150 million, Farmers said. Tecum Capital Management will manage the fund.
F.N.B. Capital Partners “will target investment opportunities of up to $10 million across a broad spectrum of industries within the eastern United States,” FNBCP said. ”[Its] focus will be to invest in qualifying companies to stimulate their growth and corresponding job creation.”
Collectively, the F.N.B. Capital Partners team has 35 years of experience making and managing private equity and mezzanine debt investments, including the investment of over $250 million in more than 40 different companies, the company said.
Among the principals of the SBIC are Stephen J. Gurgovits, Matthew L.T. Hammett and Tyson L. Smith, former employees of F.N.B. Capital Corp. LLC, a wholly owned merchant banking subsidiary of F.N.B. Corp. Its investors include F.N.B. Corp., Farmers National Banc Corp. of Canfield, an unidentified pension fund, four other financial institutions, also not identified, and several “high net-worth individuals,” none of whom was identified.
Published by The Business Journal, Youngstown, Ohio.
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