F.N.B. CAPITAL CORPORATION FUNDS $3.0MM TO CADENCE CAPITAL MANAGEMENT

Cadence_LogoCadence Capital Management is a Boston, Massachusetts-based investment management firm specializing in actively managed domestic equities.  Cadence Capital Management was founded in 1988 with $20 million of seed capital from Pacific Mutual Life Insurance Company.  In 2005, the company’s employees acquired their firm with a capital infusion from Rosemont Capital.  Cadence Capital Management is now an independent, majority employee-owned investment management firm.  In 2010, F.N.B. Capital Corporation provided mezzanine financing to recapitalize the company’s balance sheet and position it for continued growth.

Cadence has a tenured and experienced management team with a proven track record, as well as a customer services program that has helped the company grow to over $5 billion in assets under management.  The company has a diverse client base which includes corporate pension plans, corporate non-ERISA accounts, endowments and foundations, Taft-Hartley plans and public pension funds.  Cadence is also a sub-advisor for mutual funds in the Managers Investment Group Series (Managers Cadence Capital Appreciation Fund, Managers Cadence Focused Growth Fund, Managers Cadence Mid-Cap Fund and Managers Cadence Emerging Companies Fund). To learn more about this company, please visit their website atwww.cadencecapital.com.

 

F.N.B. CAPITAL CORPORATION FUNDS $3.0MM TO CADENCE CAPITAL MANAGEMENT

Partners with First National Bank of Pennsylvania for Recapitalization

Pittsburgh, PA – December 17, 2010 – F.N.B. Capital Corporation, a Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation (NYSE : FNB), today announced the closing of $3.0 million in mezzanine financing with Boston-based Cadence Capital Management, LLC, an investment management firm specializing in actively managed domestic equities. The mezzanine funding provided by F.N.B. Capital Corporation will be used to refinance Cadence Capital Management’s existing balance sheet and allow the company to pursue growth initiatives.

“We are delighted to support the growth initiatives of Cadence Capital Management,” notes Stephen Gurgovits, Jr., President and CEO of F.N.B. Capital Corporation. “Thanks to a strong existing relationship with our partners at First National Bank, we were able to develop a joint financing solution for the company. Cadence Capital Management has a long-standing track record of consistently outperforming industry benchmarks, along with a diverse, blue chip list of institutional clients, making this a compelling opportunity for our group.”

Michael Skillman, President and CEO of Cadence Capital Management agrees, “We have a successful working relationship with the First National Bank team, and now this transaction with F.N.B. Capital Corporation will allow us to maximize our growth opportunities and add substantial value to our company and for our shareholders. The entire F.N.B. team worked together to provide the solution we needed.”

Like ! Share with friends on the following networks

This Post Has 0 Comments

Leave A Reply

This web site and all of its contents are property of and copyright © 2013 of Tecum Capital Management, except any reference to F.N.B. Capital Corporation and the flag and hand shake design which are the protected, exclusive property of F.N.B. Corporation. All Rights Reserved.

Menu