PNC Mezzanine takes $20M stake in management buyout

PNC Mezzanine Capital has staked the management buyout of BoltTech Inc., a Westmoreland County developer of bolting applications for industrial plants and refineries, with a $20 million investment of its own.

The transaction enabled BoltTech founder Harry Knopp Sr. to cash out of the business he started in 1979, gives his sons and new CEO Anthony Santilli the reins and provides the capital infusion crucial for future expansion. The deal also includes a revolving line of credit from Cincinnati-based Fifth Third Bancorp. Santilli, and the Knopp sons, who are also investors, now own the business along with PNC.