PITTSBURGH, PA May 31, 2014.
Stonewood Capital Management, Inc., a Pittsburgh-based private equity group, is pleased to announce that its affiliate has purchased the assets of PCN Network, Inc. (“PCN”). PCN is headquartered in Pittsburgh and provides services to lenders, title insurance underwriters and title agents in connection with real estate mortgage transactions. PCN’s senior management has partnered with Stonewood in the acquisition and will continue to lead the company in the growth of its business and the pursuit of new product lines. PCN’s previous shareholders will also continue to hold a minority stake in the business.
Stonewood was supported in the acquisition by First Niagara National Bank, Pittsburgh, PA, the senior lender to the transaction, and Patriot Capital of Baltimore, MD, which provided subordinated debt and participated in the equity investment. Stonewood was assisted in the transaction by Reed Smith LLP.
For more about Stonewood Capital, please see www.stonewoodcapital.com.