Ashton Potter Security Printing, a Buffalo, NY.-based high security printing company, received a $6.5m mezzanine financing from F.N.B. Capital Corporation, a merchant banking subsidiary of F.N.B. Corporation (NYSE: FNB).
The funds will be used to refinance the existing balance sheet and allow the company to pursue growth opportunities.
Commenting on the deal, Barry Switzer, President and CEO of Ashton Potter, was quoted as saying: “This transaction with F.N.B. Capital Corporation team will allow Ashton Potter to capitalize on new growth opportunities that add substantial value to our company and for our shareholders”.
For over 18 years, Ashton Potter has been a primary supplier of postage stamps to the USPS, printing over 10 billion stamps annually.
The company also prints stamped cards and envelopes for the USPS as well as tax revenue stamps for both domestic and foreign governments. It has recently expanded into brand identity.