Invests $40.0
Million in Gulf Manufacturing, LLC to Support
Acquisition
HOUSTON, March 19,
2024 /PRNewswire/ -- Main Street Capital
Corporation (NYSE: MAIN) ("Main Street") is pleased to announce
that it recently completed a follow-on investment in an existing
portfolio company. Main Street made the investment in Gulf
Manufacturing, LLC ("GMI" or the "Company") to support the
Company's acquisition of Maass Global Group ("Maass"), a global
leader in the manufacture and distribution of flanges and specialty
forged products, forged bar, seamless pipe, and fittings in duplex,
stainless steel, and high nickel alloys. Main Street's follow-on
investment consists of a $40.0
million first lien, senior secured term debt investment.
Main Street also provided GMI with a revolving line of credit to
support the Company's future growth initiatives and working capital
needs. As a result of the acquisition, a new parent holding
company, Gulf Manufacturing Holdings, LLC, was formed to
own GMI and Maass.
Founded in 1984 and located in Humble,
Texas, GMI is a manufacturer and supplier of fittings,
flanges, and specialty products for the oil and gas industry. With
existing manufacturing and distribution locations in Humble, TX and Broussard, LA, GMI serves customers throughout
the United States. Main Street has
been invested in GMI since 2007. Post-transaction, the combined
Company will operate globally with manufacturing and distribution
operations in the United States,
Europe and Asia.
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