FNBCP backs Auburn Gear

F.N.B. Capital Partners has made a mezzanine debt and minority equity investment in Auburn Gear. FNBCP’s investment supported the acquisition of Auburn Gear which was led by North River Capital. Auburn Gear, located in Auburn, IN, is a manufacturer of custom engineered wheel drives, axle drive components, and specialty drives for diverse mobile equipment applications and automobiles.

PRESS RELEASE

F.N.B. Capital Partners, L.P. (“FNBCP”) is pleased to announce a mezzanine debt and minority equity investment in Auburn Gear. FNBCP’s investment supported the acquisition of Auburn Gear which was led by North River Capital, an equity capital firm based in Fort Wayne, IN, and Marty Palmer, current President of Auburn Gear. FNBCP is a $175 million fund, licensed as a Small Business Investment Company (SBIC) and managed by Tecum Capital Management, Inc.

“We are grateful for the opportunity to invest in this transaction and to help support the strategic initiatives of the company,” noted Stephen Gurgovits, Jr., Managing Partner for FNBCP. “The combination of North River and Mr. Palmer and his management team will create the dynamic leadership to propel Auburn Gear through its next evolution of growth. We appreciate the support from First Financial Bank and their role in helping to put the financing together.”

Brown Gibbons Lang & Company served as financial adviser to the sellers.

Auburn Gear, located in Auburn, IN, is a leading designer and manufacturer of custom engineered wheel drives, axle drive components, and specialty drives for diverse mobile equipment applications and automobiles. Through its expansive product portfolio of planetary gearboxes, electric drive systems, driveline systems, and differentials, Auburn Gear offers more than 120 base product models covering over 3,200 applications that transfer power & torque to wheels, axles, booms, augers, winches, and platforms. The company is known for custom engineered solutions, short lead times, outstanding customer service, quality, and attention to detail in its products and services.

North River Capital LLC is a privately-held equity capital firm located in Fort Wayne, IN. Founded in the summer of 2008 by members of the Rifkin family and former OmniSource executives, the firm’s investment strategy is primarily focused on the acquisition of majority ownership in companies with significant growth potential.

For more information on Auburn Gear, please visit the Company’s website at www.auburngear.com.

About F.N.B. Capital Partners, L.P.
F.N.B. Capital Partners, L.P. is a pooled fund of committed capital licensed by the Small Business Administration (“SBA”) as an SBIC. FNBCP, headquartered in Pittsburgh, Pennsylvania, invests $3 million to $15 million per transaction. FNBCP 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. For more information, please visit www.fnbcp.com or download our FNBCP Fact Sheet.

About Tecum Capital Management, Inc.
Tecum Capital Management, Inc. (“Tecum”) is a private investment firm and management company for F.N.B. Capital Partners, L.P. Tecum, based in Pittsburgh, Pennsylvania, oversees a pool of committed capital focused on mezzanine debt, subordinated notes, private equity and other types of financial capital to small and medium sized commercial enterprises. The company is focused on providing financing for recapitalizations, buyouts, generational transitions, mergers and acquisitions and other growth capital needs.