PNC Provides $22 Million Revolving Facility for Modern Group

PHILADELPHIA, July 18, 2011 – PNC announced today a $22 million senior secured revolving credit facility for Modern Group, Ltd., a leading distributor of forklifts, warehouse products, construction equipment, generators and stand-by power generation based in Bristol, Pa. 

Modern Group sought the financing to fund, in part, growing customer demand for inventory and services, along with potential future acquisitions and ongoing working capital and liquidity needs. 

“We are impressed with PNC’s deep understanding of our industry,” said Dave Griffith, chief executive officer, Modern Group. “They have the products and services our company needs, and deliver them with a level of personal attention that makes this relationship a perfect fit for Modern Group.” 

With more than $100 million of collective annual sales, Modern Group provides sales, leasing, short-term rental, service, parts, training and financing solutions through its Forklifts, Power Systems, Construction, and Warehouse Products businesses. Modern is a 100 percent employee-owned ESOP with more than 350 owners at ten locations serving Pennsylvania, New Jersey, Delaware and New York. 

“The Modern Group is a leader in their industry, with a solid foundation, quality management team and a demonstrated ability to adapt and evolve in a difficult environment. We feel the company is well positioned for future success, and look forward to working with it to achieve its financial goals,” said Thomas Gutman, senior vice president and mid-Atlantic marketing manager with PNC. 

PNC will also provide treasury management solutions for Modern Group, including collection and disbursement accounts, image lockbox, PNC’s web-based cash management tool, ACH, wire transfers and disbursement services. 

PNC loans and treasury management products and services are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC) 

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC. 

For more information, please contact Meghan Cole, PNC Corporate Communications, at 412-762-5654, or Dave Griffith, Modern Group, at 215-949-9251. 

Modern Group Power Systems Welcomes New General Manager John McClure

BRISTOL, PA - May 24, 2011

Well-known standby power executive John McClure has joined Modern Group Ltd. to head up its Power Systems Division, was the announcement today by Paul Farrell, Chief Operations Officer of the Bristol-based organization.

"We are thrilled to have an industry veteran join our team and help us grow our standby power generation business", exclaimed Farrell. With more than 25 years in the generator industry, McClure will oversee seven technicians, two sales representatives, and an office staff handling the marketing and service of power generation systems in Eastern Pennsylvania,Central/Southern New Jersey, and Delaware.

McClure entered the industry in 1984 and later became a Service Manager for a Cummins dealer, then founding McClure Power Systems. He gained success by servicing such major accounts as Comcast, Atlantic City Electric and the American Red Cross. His philosophy of intense product knowledge and the ability to respond to customers' needs under the most unpredictable circumstances made his company attractive for an acquisition offer from Modern Group Ltd. in 2007.

"I am very excited to join Modern's power generation team. Modern is a great company and I look forward to leading its efforts in growing this critical business segment." McClure states. McClure replaces Steve Lecatsas who has become the Branch Manager at Modern Group's Bristol, Pa. headquarters. 

Residents of Levittown, Pa., the McClures have three grown children and one granddaughter.
Founded in 1946, Modern Group ranks among the largest independent companies in the industry, representing more than 300 product lines and dealerships for Hyster, Generac, Lull, New Holland, and Terex.

With over $100 million of collective annual sales, Modern Group provides sales, leasing, short-term rental, service, parts, training and financing solutions through its Forklifts, Power Systems, 
Construction, and Warehouse Products departments. Modern is a 100% employee owned ESOP with over 350 owners at 10 locations serving Pennsylvania, New Jersey, Delaware, Maryland, and New York.

To learn more about Modern Group, call 1-800-223-3827 or visit their web site at 

www.moderngroup.com