Announcements
$16.6 Million investment of Junior Capital in Magnum Magnetics Corporation, Announced
PITTSBURGH, PA - November 18, 2010
PNC Mezzanine Capital announced today a $16.6 million subordinated debt investment in Magnum Magnetics Corporation. Headquartered in Marietta, OH, Magnum is a leading U.S. flexible magnet manufacturer for niche applications in the promotional products industry and several other sectors. PNC Mezzanine Capital's investment supported the management team in the recapitalization of the Company. PNC Mezzanine Capital provided $16.6 million of junior capital financing, which was in the form of senior and junior subordinated debt with warrants.
About PNC Mezzanine Capital
PNC Mezzanine Capital is focused on financing buyouts, recapitalizations and consolidation strategies for companies in a wide range of industries, including business services, niche manufacturing and value-added distribution. Since 1989, PNC Mezzanine Capital has been a stable, thoughtful mezzanine partner for sponsor groups, entrepreneurs and management teams. Our approach has been to underwrite the long-term business strategy of our portfolio companies allowing us to respond constructively to the opportunities and challenges of the changing business environment. As a result, PNC Mezzanine Capital has made 91 investments in 55 companies, in support of 140 transactions. We seek to invest $10 million to $45 million in subordinated debt and equity in companies with strong management teams, proven business models and stable cash flows with a clear avenue for growth, and can lead transactions of up to $60 million. For more information, visit pncmezzaninecapital.com.
About Magnum Magnetics Corporation
Headquartered in Marietta, Ohio, Magnum is a leading U.S. flexible magnet manufacturer for niche applications in the promotional products industry and several other sectors, offering an extensive line of magnetic sheet and strip products and value-added fabrication / processing services. Magnum serves a diversified base of customers and is well-recognized within the industry for its exceptional quality, product and process customization and innovation, best-in-class lead times, and technical service capabilities. For more information about the Company, please visit magnummagnetics.com.
Contact Media Relations:
Amy Vargo
(412) 762-1535
amy.vargo@pnc.com
Preston G. Walsh
Partner
PNC Mezzanine Capital
preston.walsh@
pncmezzanine.com
(412) 762 - 0366
