Invests $36.6
Million in Five Existing Portfolio Companies
HOUSTON, April 19,
2024 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that since
year-end it has invested a total of $36.6
million in five existing lower middle market portfolio
companies, Centre Technologies Holdings, LLC ("Centre"), Pearl
Meyer Topco, LLC ("Pearl Meyer"), SI East, LLC ("SI East"),
Slick Innovations, LLC ("SlickText") and Bolder Panther Group, LLC
("Smoker Friendly").
Centre is a premier mission critical IT solutions provider
offering a full suite of solutions including managed & hosted
services, value-added sourcing and integration and project
services. Main Street, along with its co-investors,
originally invested in Centre in January
2019 partnering with Centre's founder and CEO and management
team to facilitate a minority recapitalization of Centre. This
follow-on investment was made to support an acquisition and
consisted of an additional first lien, senior secured term loan of
$4.4 million and represents Main
Street's fourth follow-on investment in Centre.
Pearl Meyer is the premier independent provider of executive
compensation consulting services, benchmarking data and
surveys. Main Street originally invested in Pearl Meyer in
2020, partnering with the Pearl Meyer management team and senior
consultants to facilitate the recapitalization of Pearl Meyer. This
follow-on investment was made to support an additional
recapitalization and consists of an additional first lien, senior
secured term loan of $4.0 million and
represents Main Street's sixth follow-on investment in Pearl
Meyer.
SI East is one of the largest producers of new steel drums
in the United States with
manufacturing facilities in Charlotte,
North Carolina, Cleveland,
Ohio, and Chicago,
Illinois. SI East produces a wide variety of products,
including tight head, open head, interior lined, high and low
density polyethylene plastic liners and unlined drums among various
other offerings. Main Street, along with a co-investor, originally
invested in SI East in 2018, partnering with the company's existing
owners, the Stavig Family, to facilitate an acquisition. This
follow-on investment was made to support an additional
recapitalization and consists of an additional first lien, senior
secured term loan of $13.1 million
and represents Main Street's third follow-on investment in SI
East.
SlickText is a leading provider of Application-to-Person
software solutions that deliver marketing and customer engagement
tools via a software-as-a-service application offering a
versatile, feature-rich platform that can be used by a wide variety
of industries and organizations to efficiently market and
communicate with customers and other parties through automated text
messaging within the United States
and Canada. Main Street, along
with a co-investor, originally invested in SlickText in 2019,
partnering with Iron Creek Partners LLC, a sector-focused private
investment firm that Main Street has partnered with on several
prior investments, and with SlickText's founders and senior
management team to facilitate a recapitalization of SlickText. This
follow-on investment was made to support an additional
recapitalization and consists of an additional first lien, senior
secured term loan of $7.6 million and
represents Main Street's second follow-on investment in
SlickText.
Smoker Friendly is one of the largest retailers of tobacco
products in the United States and
operates 345 retail stores across 12 states which operate as
tobacco stores, cigar lounges, liquor stores and gas
stations. Smoker Friendly also owns a private-label tobacco
line that is sold throughout its retail stores and a network of
authorized dealers. Main Street originally invested in Smoker
Friendly in 2021, partnering with Smoker Friendly's senior
management team and other existing shareholders to facilitate a
minority recapitalization of Smoker Friendly. This follow-on
investment was made to support an acquisition and consists of an
additional first lien, senior secured term loan of $7.5 million and represents Main Street's third
follow-on investment in Smoker Friendly.
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 portfolio companies generally have annual revenues
between $10 million and $150 million. Main Street's middle market
portfolio companies 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