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We are a specialty finance company serving middle market companies and private equity sponsors, expanding on the capabilities of PNC Business Credit.
Our extensive transactional experience allows us to understand your company. And, by understanding your company, we understand how to deliver solutions. As a division of PNC Bank, we remain a reliable funding source through market cycles and can provide a complete suite of complementary banking products and services across a wide range of industries. When creative financing alternatives are required, Steel City, in conjunction with PNC Business Credit, can be a ready source of capital for growing businesses.
$5-30 million target hold — With ability to underwrite larger amounts, and maturities up to 5 years with flexible amortization schedules
Primary Industries — Of manufacturing, retail, wholesale, distribution and service
EBITDA — Greater than $5 million
Stable History — Of sustainable revenue and cash flow
When senior lending doesn’t get you where you need to grow, junior secured lending through Steel City may be an answer. By leveraging capital with pricing more favorable compared to unsecured mezzanine debt and without diluting equity, junior secured lending can fill important gaps in your capital structure and provide the critical financing needed to achieve your goals.
When a traditional asset based or cash flow structure is insufficient, a stretch cash flow layer of financing may be a good fit. As a hybrid structure between cash flow and asset based senior lending, companies are able to obtain the capital they need when asset value or cash flow by themselves may not be enough to meet their objectives.
He is responsible for all origination activities for Steel City Captial Funding. Working closely with PNC Business Credit, Antinozzi provides product coverage for under-collateralized term loans, cash flow loan facilities and second lien term loans, working closely with PNC Business Credit. Prior to joining Steel City, he was a managing director at Ally Commercial Finance (formerly GMAC Commercial Finance), responsible for originating new business opportunities from the private equity community. Antinozzi has many years of experience in structuring and closing cash flow and asset based lending arrangements, including senior positions with Bank of America and Heller Financial. He received his B.S. from Fordham University and his MBA from Georgia State University. Antinozzi is a member of the Association for Corporate Growth.
He is responsible for all aspects of deal origination, structuring and closing of cash flow solutions in combination with senior asset based loans – both independently and in support of business development officers throughout the U.S. Prior to joining Steel City, Gittleman structured and raised senior and junior capital for a broad range of industry sectors at Twenty10 Financial. Previously, he was President and Chief Executive Officer of Cratos Capital Partners, a specialty finance company. Gittleman has many years of senior financial services advisory experience with Wells Fargo Foothill, FinanStar Group (which he founded), Hunter Capital Group, Wachovia Bank Corporate Finance (which he led) and Bankers Trust. Gittleman received his B.A. from Rutgers University and his MBA from Cornell University, Johnson School of Management. He has held Series 7, 24 and 63 licenses.
He is responsible for oversight of PNC Business Credit’s specialty lending products, including Steel City Capital Funding, a provider of cash flow and 2nd lien financing; the Technology Finance group, which leverages the recurring revenue of sponsor-backed software companies; and the Cerberus PNC Senior Loan Fund LLC, a provider of large first-out cash flow financings.
MacConnell joined PNC Business Credit in 1997 as one of its founding members, with responsibility for oversight of the creation of more than $6 billion in new client loans in support of middle market leveraged buyouts, mergers and acquisitions, recapitalizations and restructurings. Most recently, he served as Executive Vice President and Eastern Division Executive for PNC Business Credit.
MacConnell received his bachelor’s degree from Syracuse University and his MBA from Rutgers University.
He is a member of the Association for Corporate Growth, the Secured Finance Network (formerly the Commercial Finance Association), and the Turnaround Management Association.
He is responsible for deal origination, structuring and closing of cash flow solutions in combination with senior asset based loans – both independently and in support of business development officers throughout the U.S.
Westberg joined PNC in 2015 as a business development officer covering equity sponsors in the Chicago area. Prior to joining PNC, he worked for Lake Capital, where he led the middle-market private equity firm’s debt financing activity for new investments and portfolio companies, and J.P. Morgan Securities, where he originated and arranged multi-lender loans and high yield bonds in the bank’s Syndicated & Leveraged Finance division.
Westberg received his B.S. from Miami University and his MBA from the University of Chicago Booth School of Business.
He is a member of the Association for Corporate Growth.
PNC is a registered mark of The PNC Financial Services Group, Inc. ("PNC"). PNC Business Credit is a senior secured lending division of PNC Bank, National Association ("PNC Bank") and its subsidiaries, and is part of PNC. In Canada, the Canadian federally regulated branch of PNC Bank, PNC Bank Canada Branch provides various bank products and services. Deposits with PNC Bank Canada Branch are not insured by The Canada Deposit Insurance Corporation. In the UK, lending products are provided by PNC Financial Services UK Ltd., which is an indirect wholly-owned subsidiary of PNC Bank. Lending and leasing products and services, as well as certain other banking products and services, require credit approval.
*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured, and second lien loans for sponsored and non-sponsored transactions.
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