F.N.B. Capital Invests in Regional Steel Company
02/01/2008 - F.N.B. Capital provides capital financing for the purchase of Marwas Steel led by James Philipkosky of MLP Steel.
F.N.B. Capital Corp., LLC has provided capital financing for the purchase of Marwas Steel Co. of Scottdale, PA. The purchase was led by James Philipkosky of MLP Steel, LLC. Financial details were not released, but the company will remain local.
Marwas Steel operates two distinct divisions, including Fayette Steel Co., which manufactures various types of cold drawn rod (i.e. "heavy wire") in round, hexagon, square, and flat configurations from wire stock. The second division, Laurel Steel Products Co., manufactures various types of standard and specialty grating, such as heavy-duty steel bar grating used in a variety of industrial applications, walkway grating, and roadway inlet frames and grates. Fayette Steel employs 34 at its Scottdale, PA, location, while Laurel Steel, located in Everson, PA, employs 38.
"Although vastly different from the days of giant steel mills, the steel industry continues to be an important business in greater Pittsburgh," said Stephen Gurgovits Jr., President and CEO of F.N.B. Capital. "Marwas Steel has successfully found the right mix of products and customers to assure future growth. We are very excited to be a part of this transaction."
Following the acquisition, MLP Steel will continue to do business as Marwas Steel Co.
MLP Steel is a leading local manufacturer and fabricator of specialty steel wire and rod products for use in a variety of end markets such as industrial construction, roads & infrastructure, mining, transportation, automotive, aviation, and consumer products.
F.N.B. Capital, a subsidiary of F.N.B. Corp., specializes in providing subordinated debt, private equity, and other types of financial capital to small and medium sized commercial enterprises, focusing on recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs.
With total assets of $6.1 billion at December 31, 2007, F.N.B. Corp. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, including its Legacy Bank and Legacy Trust Co. Divisions, First National Trust Co., First National Investment Services Co., LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corp., LLC, and Regency Finance Co. It also operates consumer finance offices in Tennessee and loan production offices in Tennessee and Florida.
