Summit Park Recapitalizes Leading Provider of Vehicle Service Contracts

Confluence Advisors is pleased to announce the recapitalization of C.A.R.S. Protection Plus (“CARS” or the “Company”), a leading provider of vehicle service contracts (“VSC”), by Summit Park, LLC (“Summit Park”).

Founded in 1998, CARS sells VSCs through a network of over 10,000 car dealerships in 34 states. The Company specializes in the high mileage, used car segment of the VSC industry and has grown through increases in its dealer base and geographic expansion. CARS is headquartered outside of Pittsburgh, Pennsylvania.

“We are very excited to partner with the leadership team at CARS. We look forward to working together with them to build on the Company’s historical success,” said Bob Calton, Managing Partner at Summit Park. Mike Tedesco, founder of CARS, added, “Summit Park is an excellent fit for CARS, and our partnership with them allows us to accelerate our growth plans.”

The transaction marks Summit Park’s third investment in its second fund, Summit Park II. Stellus Capital Management, LLC provided the debt financing for the transaction, and CARS was represented by Confluence Advisors, a Pittsburgh-based investment banking firm.  For more information please contact Chris Harsch, (724) 940-1900 x23, at Confluence Advisors.

About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a wide range of industries, including business services, outsourced services, light manufacturing and distribution. Summit Park targets businesses with revenue between $20 and $100 million and located in the Mid-South, Mid-Atlantic and Southeastern regions of the United States. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan.

About Confluence Advisors, LLC
Confluence helps business owners maximize the sale of a business or non-core division, raise optimal funding, or acquire a business. With over 80 years of combined deal experience and more than $1.5 billion in transactions, the Confluence team works every day to help companies and their stakeholders through critical business transitions.

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F.N.B. Capital Partners Supports Acquisition of Reagents, LLC

F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Pittsburgh, PA based Burrell Scientific, LLC, (“Burrell”), to acquire Reagents, LLC (“Reagents”). Reagents operations are based in Charlotte, NC where it has been manufacturing and distributing customized laboratory chemicals and solutions to a broad customer base throughout the Mid-Atlantic region for over 40 years. Burrell led the transaction and FNBCP provided mezzanine debt and equity to facilitate the buyout. Burrell is a manufacturer of laboratory equipment and distributor of laboratory products. Burrell’s President, Walter Rausch, will serve as the President of the combined company going forward.

“We’re very excited to partner with a growing local business to support this exciting acquisition” said FNBCP’s Managing Partner Stephen Gurgovits, Jr. “The investment represents our first Charlotte-area portfolio company and our second in the state of North Carolina. We feel that Mr. Rausch and the Burrell Reagents management team bring significant industry experience that should result in continued success for the combined enterprise.” “Supporting Burrell’s acquisition of Reagents provided FNBCP an attractive opportunity to gain exposure to the diverse chemical and laboratory supply market, which we feel is poised for continued growth”, said FNBCP Partner Matthew Harnett.

The transaction represents FNBCP’s 18th investment in FNBCP’s inaugural SBIC fund, which launched in August, 2013. Other parties involved in the transaction were First Commonwealth Bank providing the senior financing, Confluence Advisors representing Burrell Scientific, McGuireWoods, LLP serving as legal advisor to FNBCP and Metz Lewis serving as legal advisor to Burrell Reagents.

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Confluence Announces Sale of Buckler Transport

Confluence Advisors, LLC (“Confluence”) is pleased to announce the sale of Buckler Transport, Buckler Logistics and Buckler Distribution Center (“Buckler”) to an undisclosed publicly traded transportation company. Confluence represented Buckler in the sale. The buyer will continue to operate Buckler under the Buckler name and the existing management team and employees will remain with Buckler.

Buckler operates approximately 100 trucks and a 150,000 square foot warehouse facility operation. It specializes in dedicated dry van, liquid and pneumatic tanker transportation services in addition to the warehouse.

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