US financial services company FNB Corporation has launched FNB Capital Partners (FNBCP) to provide mezzanine financing and private equity investments in the US mid market.
Licensed by the US Small Business Administration (SBA), FNBCP will operate as a Small Business Investment Company (SBIC).
FNBCP’s principals include Stephen Gurgovits, Matthew Harnett and Tyson Smith, former employees of FNB Capital Corporation, the merchant banking subsidiary of FNB.
The SBIC fund will target investment opportunities of up to $10m across a broad spectrum of industries. FNBCP’s focus will be to invest in qualifying companies to stimulate their growth and corresponding job creation.
In addition to anchor investor FNB, the fund’s investors include five regional banks, a pension fund and several high net worth individuals.
The fund, headquartered in Pittsburgh, will seek to invest $3m to $10m per transaction, specialising 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 recapitalisations, buyouts, generational transitions, mergers and acquisitions and other growth capital.
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