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F.N.B. Capital, Investors Acquire Uncle Charley's Sausage
VANDEGRIFT, Pa. -- Pittsburgh-based investors F.N.B. Capital Partners, along with a group of local investors, have acquired Uncle Charley's Sausage Co., a meat processing company. The investors plan to increase funding to expand the business while keeping its brand value, leadership, manufacturing facilities here and employees intact.
The acquisition by both partners keeps the ownership of the company local. "While we have plans to substantially grow the business, the priority is to maintain the integrity of the brand and product while continuing to enhance relationships with our business partners and consumers," noted Stephen Gurgovits Jr., managing partner at F.N.B. Capital Partners.
Founded in 1988, Uncle Charley's produces and distributes gourmet sausage and meat products to retail markets throughout six states. The 25 year-old regional brand's product moves from field to store in about 48 hours, contain 32% less fat than competitors and is never frozen, according to the announcement. Since 2006, the company almost doubled its business and the number of employees.
A succession planning process for the company was led by Pittsburgh-based investment banking firm, Ventura Group LLC, which acted as financial adviser to Uncle Charley's assisting in all aspects of the transaction. Founder Charles Armitage said he selected F.N.B Capital Partners and the other investors for their successful track record of expanding businesses.
F.N.B. Capital Partners L.P. invests $3 million to $10 million per transaction and specializes in providing mezzanine debt, subordinated notes, private equity and other types of financial capital to small and medium size commercial enterprises for the purposes of recapitalizations, buyouts, generational transitions, mergers and acquisitions and other growth capital.
SOURCE: F.N.B. Capital Partners L.P.
Published by The Business Journal, Youngstown, Ohio.
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