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, [email protected]
Jesse E. Morris, CFO & COO, [email protected]
713-350-6000
Dennard Lascar Investor RelationsKen Dennard | [email protected] Zach Vaughan | [email protected] 713-529-6600
SOURCE Main Street Capital Corporation
