Invests $43.2
Million in Pinnacle Topco, LLC
HOUSTON, Dec. 27,
2023 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce
that it recently completed a new portfolio investment totaling
$43.2 million to facilitate the
recapitalization of Pinnacle Plastics, Inc. and Integrity Plastics,
Inc. (together, "Pinnacle" or the
"Company"), a manufacturer and distributor of
commercial can liners, polyethylene bags, produce bags, and other
adjacent products for use predominantly in the quick-service
restaurant, convenience store, and janitorial services
industries.
Main Street, along with its co-investor, partnered with the
Company's existing owners and management team to facilitate the
recapitalization, with Main Street's investment including a
combination of first lien, senior secured term debt and a direct
equity investment. In addition, Main Street and its co-investor
provided the Company with a revolving line of credit to support the
Company's future growth initiatives and working capital needs.
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