Confluence Advisors Assists Chrislynn Energy Services, Inc. in a Shareholder Recapitalization

Wexford, PA – Confluence Advisors, LLC (“Confluence”) is pleased to announce that Chrislynn Energy Services, Inc. (“Chrislynn” or the “Company”) has completed a shareholder recapitalization transaction.   Based in Pittsburgh, PA, Chrislynn is a leading energy management consulting firm serving businesses throughout the United States.

Confluence served as exclusive financial advisor in the placement of a financing package which enabled Chrislynn to buyout certain shareholders, refinance existing indebtedness and generate additional liquidity for growth.  Byline Bank provided the credit facilities.  Confluence's experience in identifying the lender and running an expedited financing process resulted in a solution for the Company.

PNC Riverarch Capital Leads Recapitalization of Steelite International

Confluence Advisors is pleased to announce the recapitalization of Steelite International (“Steelite” or the “Company”), by PNC Riverarch Capital and John Miles, Steelite’s Americas division President.  Steelite is a leading designer, manufacturer, and distributor of tableware, glassware and other tabletop products to restaurants, hotels and other foodservice operators around the world.  The recapitalization includes a significant reinvestment by Steelite executive John Miles who will lead the company going forward.

“Having worked in the business for 20 years and having served as president of the Americas division for the past 11 years, it fills me with immense pride to have made this personal investment alongside PNC Riverarch,” said John Miles.  “Steelite International is known as the leader in the hospitality tableware industry and our goal is to continue that leadership through the introduction of new, creative and innovative products.  We will continue the investment in the manufacturing sector to improve efficiencies, service levels and provide value added to our customers.  I look forward to working with our management team to grow and improve the business.”

Steelite is headquartered in Stoke-on-Trent, U.K. and New Castle, PA.  The Company’s core chinaware products are manufactured at its factory in Stoke-on-Trent, one of the most modern and efficient production facilities in the world.   The New Castle headquarters includes the primary distribution facility for the Americas operation.   Steelite has approximately 1,000 employees and revenues are about $150 million.

Confluence Advisors served as the exclusive financial advisor to John Miles in the transaction.  Senior financing was provided by the Bank of Montreal and The Private Bank.

About PNC Riverarch Capital
PNC Riverarch Capital is a middle-market private equity firm which invests in privately-held companies.  The firm seeks well-positioned companies where it can invest $10 million to $50 million of capital in support of leveraged and management buyouts, recapitalizations, corporate divestitures and growth financings.  PNC Riverarch is a division of PNC Capital Finance, LLC, a wholly-owned indirect subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC). Since 1982, PNC has invested over $1.0 billion of equity capital in more than 100 companies.

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.

Safety Works is Acquired by Protective Industrial Products

Confluence Advisors, LLC (Confluence Advisors) is pleased to announce the acquisition of Safety Works, Inc. (Safety Works), a rapidly-growing provider of safety products that services the consumer and retail market, by Protective Industrial Products (PIP), an Albany, NY-based provider of personal protective equipment. Safety Works was a joint venture between MSA Safety, Inc. (NYSE: MSA) and MCR Safety. Confluence Advisors represented the sellers in the transaction.

“With this acquisition, PIP strengthens its position in the retail-ready safety product market while giving Safety Works LLC access to PIP’s globally integrated logistics and sourcing operations in the U.S. and Hong Kong,” said Joe Milot, President and CEO of PIP. Mr. Milot added, “We are excited about the synergies created by this acquisition as we believe the retail market for safety and hand protection strongly predicts the future trends within the industrial safety market that we also serve.”

“PIP’s product line strengths mesh well with our retail customers’ needs,” noted Safety Works CEO, Harry Kunze, “and we are excited about the opportunities PIP will bring to us and our customers.” According to John Quinn, Safety Works’ Vice President of Sales, “PIP has extensive strengths in products, logistics and supply chain excellence, all of which are core to servicing the large volume, consumer packaged safety products segment.”

Safety Works LLC will operate as a subsidiary of PIP under the new name Safety Works, Inc. It will retain its current sales strategy and sales team, along with its current address, phone numbers and email domain.

About Protective Industrial Products
PIP is a privately-held company that manufactures and sources a broad range of industrial safety products globally. PIP has grown to $250 million in sales over the last 30 years.

About MSA Safety, Inc.
Established in 1914, MSA is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. With revenues of over $1.1 billion, MSA employs approximately 5,000 people worldwide. The company is headquartered north of Pittsburgh in Cranberry Township, Pa., and has manufacturing operations in the United States, Europe, Asia, and Latin America. With more than 40 international locations, MSA realizes approximately half of its revenue from outside North America. The company is traded on the New York Stock Exchange under the ticker MSA.

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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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