PNC Equity Swings Three Recaps In One Company

Thanks to an amazingly lucky (or brilliantly calculated) set of macro-trends, PNC Equity has shaken three equity recaps out of one of its early portfolio companies, scoring a return greater than its initial investment before even thinking about its exit. PNC Equity bought Tangent Rail Corporation in 2005 out of its first fund raised independently of parent firm PNC. Since then, the PE arm has watched the rail industry take off as its customers consolidate. The firm used five different lenders on the recap, a deal that wouldn't have happened if it had started talks 30 days later, according to David Hillman of PNC Equity Partners. The full story, after the jump.

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