Technology Finance  

Supporting sponsor-backed technology firms with recurring revenue streams.

The Technology Finance group at PNC Business Credit offers creative capital solutions tailored around the intrinsic value of recurring revenue streams of SaaS, On-Premise Delivery and other technology firms.

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Our Approach

Software-as-a-Service and subscription delivery models are a proven and viable option for technology companies. They can secure long-term customer relationships and a dependable revenue stream. As your private equity group builds solid software companies, you need a capital provider that is familiar with your investment needs. 

The Technology Finance group at PNC Business Credit has developed capital solutions that can help meet the growth and financial objectives of companies with recurring revenue. If your firm backs an enterprise software or technology-enabled company, we may be able to offer senior debt based on the intrinsic value of established recurring revenue streams. We deliver solutions consistently throughout the economic cycle with a relationship-based model that takes intangibles into consideration.

Lending Criteria

Delivering capital solutions for technology firms with recurring revenues through the cycles with a relationship-based model that takes intangibles into consideration.

Company Profile

  • Highly recurring and visible revenue streams
  • Sponsor-backed
  • Traditional software, technology enabled, data analytics and information services companies
  • Own your own IP
  • Offer mission-critical solutions
  • Hold a prominent position in the market

Financing Offered

  • Senior secured revolvers and term loans
  • Unitranche facility (first out tranche)
  • Agency or participation
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We Get the Deal Done

At PNC Business Credit, “Done Deal” is not a tagline. It’s who we are.

Consistent, creative, reliable capital in all phases of the business cycle delivered by leading dealmakers who are experts in their field. With us, it's more than confidence of execution. It’s a done deal.

Nephron Pharmaceuticals

$330,000,000

Revolving Line of Credit & Term Loan

Generic & Over-the-Counter Drug Manufacturer

Castle Metals DIP

$85,000,000

DIP Revolving Line of Credit

Metals, Services & Supply Chain Solutions Provider

Castle Metals Exit

$125,000,000

Exit Revolving Line of Credit

Metals, Services & Supply Chain Solutions Provider

Chemico Systems, Inc.

$30,000,000

Revolving Line of Credit

Specialty Chemicals Provider

Borden Dairy Company

a portfolio company of

ACON Investments, L.L.C.

 Undisclosed

Revolving Line of Credit & Term Loan

Fluid Milk Manufacturing & Distribution

Hirschfeld Steel Group LP

$82,500,000

Revolving Line of Credit & Term Loan

Structural Steel Component Fabricator

Harvest Hill Beverage Co/Sunny Delight

a portfolio company of

Brynnwood Partners*

$94,500,000*

Revolving Line of Credit & Term Loan

Beverage Manufacturer & Marketer

TurbineAero Inc.

a portfolio company of

The Gores Group

$42,500,000*

Revolving Line of Credit & Term Loan

Aerospace Component Maintenance & Repair Provider

DCM Group Inc.

C$38,000,000

Revolving Line of Credit

Construction Management Solutions Provider

Bluecat

a portfolio company of

Madison Dearborn Partners

$40,000,000

Recurring Revenue

DNS & Security Solutions Provider

Doxim

Strattam Capital

C$17,100,000

Revolving Line of Credit & Term Loan

Financial Services Software Solutions Provider

Absorb

a portfolio company of

Silversmith Capital Partners

 Undisclosed

Recurring Revenue

Corporate Learning Management System Provider

C&D Technologies, Inc.

a portfolio company of

KPS Capital Partners, LP

$65,000,000

Revolving Line of Credit

Power Conversion & Electrical Power Storage Systems Provider

Escape Technology

a portfolio company of

Alpine Investors, LP

 Undisclosed

Recurring Revenue

School Business Software Applications Provider

Global Employment Solutions

a portfolio company of

TZP Group, LLC

$45,000,000*

Revolving Line of Credit & Term Loan

Professional IT Staffing Services Provider

Readypower

a portfolio company of

Primary Capital Partners LLP

 Undisclosed

Revolving Line of Credit & Term Loan

Specialist Plant Hire

ChiroTouch

a portfolio company of

Waud Capital Partners

 Undisclosed

Recurring Revenue

Electronic Health Records & Practice Management Software

Zero Chaos

a portfolio company of

The Carlyle Group

$410,000,000*

Revolving Line of Credit & Term Loan

A Workforce Solutions Company

asentinel

a portfolio company of

Marlin Equity Partners

 Undisclosed

Recurring Revenue

Telecom and Mobile Expense Management Software Provider

Maksteel

C$77,500,000

Revolving Line of Credit & Term Loan

Steel Processing Service Center

AIT Worldwide Logistics

$55,000,000

Revolving Line of Credit & Term Loan

Full-service Transportation Management Provider

EMR USA Holdings, Inc.

$180,000,000

Revolving Line of Credit

Scrap Metal Recycling

iHeart Communications Inc.

$150,000,000

Revolving Line of Credit

Global Media & Entertainment Provider

Brunswick Bowling Products

a portfolio company of

BlueArc Capital Partners, LLC & Gladstone Investment Corporation

$40,000,000*

Revolving Line of Credit & Term Loan

Bowling Products Producer

Virtex Enterprises LP

a portfolio company of

Insight Equity

$37,000,000*

Revolving Line of Credit & Term Loan

Electronics Manufacturing Service Provider

Wellnext, LLC

a portfolio company of

WM Partners, LP

$80,000,000*

Revolving Line of Credit & Term Loan

Nutritional Supplement Manufacturer

Aeropostale, Inc.

$175,000,000

Revolving Line of Credit

Specialty Apparel Retailer

C&J Energy Services

$200,000,000

Revolving Line of Credit

Oilfield Services Provider

VisionWorks of America, Inc.

$85,000,000

Revolving Line of Credit

Eyecare Services Provider & Retailer

Anvil International

a portfolio company of

One Equity Partners

$80,000,000

Revolving Line of Credit

Products Manufacturer

CDI Corp

a portfolio company of

AE Industrial Partners, LLC

$150,000,000

Revolving Line of Credit

Engineering, IT & Staffing Solutions Provider

TaylorMade Golf Company, Inc.

a portfolio company of

KPS Capital Partners

$225,000,000

Revolving Line of Credit

Golf Equipment Designer & Manufacturer

Birchstreet

a portfolio company of

Serent Capital

 Undisclosed

Recurring Revenue

Procure-to-Pay Solutions Provider

Comlinkdata, Inc.

a portfolio company of

Alpine Investors, LP

 Undisclosed

Recurring Revenue

Telecom Market Data & Analytics Provider

Doxim

a portfolio company of

GI Partners

 Undisclosed

Recurring Revenue

Financial Services Software Solutions Provider

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Our Team  

Industry focused dealmakers with leading experience.

Thomas Burkes

Managing Director, Eastern U.S. Originations

thomas.burkes@pnc.com   |   212-210-9963

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David Mengel

EVP and Head, Technology Finance Group

david.mengel@pnc.com   |   415-733-1601

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Tommy Burkes is the Managing Director of Eastern U.S. Originations for PNC Business Credit’s Technology Finance group.

He is responsible for sourcing, structuring and executing on recurring revenue credit facilities used for buyouts, leveraged recapitalizations and refinancings by enterprise software companies.

Burkes joined PNC Business Credit in 2006, first with roles in Atlanta and Toronto, providing senior debt financing to traditional industries. Prior to PNC, he was a management consultant for Bearingpoint Consulting’s World Class Finance Group, and a senior lender for SouthTrust Bank, NA (now part of Wells Fargo).

Burkes received his B.S. from Louisiana State University.

J.P. Seminario is the Managing Director of Western U.S. Originations for PNC Business Credit’s Technology Finance group.

He is responsible for sourcing, structuring and executing on recurring revenue credit facilities used for buyouts, leveraged recapitalizations and refinancings by enterprise software companies.

Seminario is a founding member of the Technology Finance group and has worked in various roles, including underwriting and originations. Previously, he worked for Wells Fargo Capital Finance’s Technology Group and Ernst & Young, LLP.  Seminario’s experience includes over $2.0 billion in financing LBO, M&A, recapitalization and restructuring transactions in the technology space.

He received his B.S. from California State University Northridge and his master’s degree from the University of Notre Dame.

David Mengel is Executive Vice President and Head of PNC Business Credit’s Technology Finance group.

He is responsible for oversight of all new business development and portfolio management for the Technology Finance group nationwide.

Mengel joined PNC in 1998 as Segment Executive for the Energy, Metals & Mining group. He subsequently held a series of leadership positions across PNC, including portfolio management, and was National Head of Originations for Steel City Capital Funding. Prior to joining PNC, Mengel held positions of increasing responsibility for U.S. Steel, Chase Manhattan Bank and Armco, Inc.

Mengel received his B.S. from Lehigh University and his MBA from the University of Pittsburgh.

J.P. Seminario

Managing Director, Western U.S. Originations

jp.seminario@pnc.com   |   626-432-6135

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Contact Us

For mid-sized companies and private equity firms looking to secure working capital and term financing ranging from $10 million to $1 billion and beyond for business growth, connect with one of our leading dealmakers today.