PITTSBURGH, July 12 /PRNewswire-FirstCall/ -- F.N.B. Capital Corporation, LLC, the Pittsburgh-based merchant banking subsidiary of F.N.B. Corporation , has taken the lead institutional equity position in Thorley Industries, LLC, a Pittsburgh company that develops, manufactures, and distributes juvenile products under the 4moms(TM) brand. The investment will enable Thorley to expand its distribution network, secure its competitive advantage, and launch two new products for which the company has secured patents.
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"F.N.B. Capital is pleased to become investment partners in a company that holds so much promise," said Stephen Gurgovits, Jr., President and Chief Executive Officer of F.N.B. Capital Corporation. "Not only are we able to participate in the financial support of a Pittsburgh-based company, but we are also excited to be part of the strategic vision of an emerging company through our representation on its Board of Managers."
Founded in 2005 by Henry Thorne and Rob Daley, Thorley Industries develops innovative juvenile products sold under the brand name of 4moms(TM). The products are based upon low-cost electronics, and are designed to make routine parenting tasks easier for parents and safer for children. The 4moms(TM) name comes from the first research focus group of four moms who were at the center of the company's decision to pursue the juvenile products market.
"We are thrilled to have F.N.B. Capital on our team," said Rob Daley, Chief Executive Officer of Thorley Industries. "Their contributions, both financially and strategically, will enable us to expand our business, build our brand and bring exciting new juvenile products to market."
Thorley Industries currently has two products on the market: the 4moms Digital Bath Spout Cover with Built-In Thermometer(TM) and the 4moms Cleanwater Infant Tub with
Built-In Digital Thermometer(TM). Both products have received multiple industry awards, including the prestigious Seal of Approval from The National Parenting Center. They are available at Babies "R" Us, Amazon.com, BabyCenter.com, Baby Depot, buybuy Baby, USA Baby, Target.com, and specialty stores and boutiques nationwide.
About F.N.B. Capital Corporation, LLC:
F.N.B. Capital Corporation, LLC is headquartered in Ross Township, PA. A subsidiary of F.N.B. Corporation, it 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.
About F.N.B. Corporation: F.N.B. Corporation, headquartered in Hermitage, PA had total assets of $6.0 billion at March 31, 2007. F.N.B. 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 Company Divisions, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, and Regency Finance Company. It also operates consumer finance offices in Tennessee and loan production offices in Tennessee and Florida.
Mergent Inc., a leading provider of business and financial information about publicly traded companies, has recognized F.N.B. Corporation as a Dividend Achiever. This annual recognition is based on the Corporation's outstanding record of increased dividend performance. The Corporation has consistently increased dividend payments for 34 consecutive years.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol FNB. Investor information is available on the F.N.B. Corporation Web site at http://www.fnbcorporation.com/.
