Friday, April 13, 2012PITTSBURGH – F.N.B. Capital Corp., the merchant banking subsidiary of F.N.B. Corp., participated in a recapitalization of Glunt Industries based in Warren, Ohio, F.N.B. Capital Corp. announced Thursday.
The other participants were Merit Capital Partners and Glunt management, F.N.B. said. Terms were not disclosed.
Merchant bankers provide mezzanine debt financing (subordinated debt) and can take an equity position -- that is, invest – in a company. F.N.B. Capital did both, it said.
Glunt Industries, privately held and founded in 1983, is a manufacturer and service provider of equipment to American steel and aluminum producers. Its Cotera Co. profile says it employs between 100 and 250 and has annual revenues somewhere between $10 million and $25 million.
Among the equipment it has on hand, its website says, are “a very large late-model CNC lathe up to 62 inches over the cross side and 75 feet center to center, smaller CNC shaft and roll lathes up to 25 inches over the cross side and 14 feet center to center … and two tempering and stress relieving furnaces.”
It has three sales offices in the United States, one in Mexico and one in Argentina.
F.N.B. Capital’s taking a position in Glunt is the 19th transaction it has completed with 16 companies since it was created in 2005, F.N.B. said.
Published by The Business Journal, Youngstown, Ohio.