Invests $24.7
Million in Compass Systems & Sales, LLC
HOUSTON, Nov. 28,
2023 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that it
recently completed a new portfolio investment to facilitate the
recapitalization of Compass Systems & Sales, LLC ("Compass" or
the "Company"), a leading provider of end-to-end material handling
systems employing innovative, custom-engineered solutions
integrated with traditional conveyance systems. Main Street, along
with its co-investor, partnered with the Company's existing owner
and senior management team to facilitate the transaction, with Main
Street funding $24.7 million in a
combination of first lien, senior secured term debt and a direct
equity investment.
Founded in 1998 and headquartered in Barberton, Ohio, Compass
(https://compasssystems.com) offers a broad range of material
handling solutions including shredding, sorting, weighing and
conveying complemented by the Company's design, fabrication,
installation, service and support capabilities. Compass has
developed unmatched expertise in pneumatic conveyance systems and
has entrenched its position as a market leader with complete
offerings of pneumatic and mechanical conveyance solutions.
ABOUT MAIN STREET CAPITAL CORPORATION
Main
Street (www.mainstcapital.com) is a principal
investment firm that primarily provides long-term debt and equity
capital to lower middle market companies and debt capital to middle
market companies. Main Street's portfolio investments are
typically made to support management buyouts,
recapitalizations, growth financings,
refinancings and acquisitions of companies that operate in
diverse industry sectors. Main Street seeks to partner with
entrepreneurs, business owners and management teams and generally
provides "one stop" financing alternatives within its lower middle
market investment strategy. Main Street's lower middle market
companies generally have annual revenues between $10 million and $150
million. Main Street's middle market debt investments
are made in businesses that are generally larger in size than its
lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC
Adviser I, LLC ("MSC Adviser"), also maintains an asset management
business through which it manages investments for external parties.
MSC Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO,
dhyzak@mainstcapital.com
Jesse E. Morris, CFO & COO,
jmorris@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken Dennard |
ken@dennardlascar.com
Zach Vaughan |
zvaughan@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation