Main Street Announces Follow On Investment
HOUSTON, Sept. 5, 2012 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed a follow on investment in an existing lower middle market portfolio company totaling $9.4 million in invested capital.
Main Street's follow on investment in SAMBASafety Holdings, L.L.C. ("SAMBA" or the "Company") supported the Company's acquisition of American Driving Records, Inc. ("ADR") and funded additional working capital needs of the Company. ADR is a leading provider of motor vehicle records and related services to insurance agents and carriers, employers and employment screeners and fleet service providers. Main Street's follow on investment consists of $9.0 million in first lien, senior secured debt and a $0.4 million equity investment.
Headquartered in Albuquerque, New Mexico, SAMBA is a provider of fleet compliance software and services to car and truck fleet owners, employment screeners, and automotive retailers. This acquisition of ADR secures data access to motor vehicle records in all 50 states, while adding scale and balance to the Company's revenue mix. Main Street made its initial investment in SAMBA during the fourth quarter of 2011.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that 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 portfolio. 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 Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director
SOURCE Main Street Capital Corporation
Released September 5, 2012