Main Street Announces New Portfolio Investment
HOUSTON, Dec. 22, 2014 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently led a new portfolio investment totaling $45.0 million of invested capital to facilitate the purchase of the assets of Garlock Rubber Technologies ("GRT" or the "Company"), a division of a subsidiary of EnPro Industries, Inc., with Main Street funding $29.8 million of the investment. Main Street's portion of the investment in GRT included $16.7 million of first lien, senior secured term debt and a $13.1 million equity investment for a control equity ownership position in the Company. Main Street and its co-investor partnered with the Company's management team to facilitate the transaction.
Headquartered in Paragould, Arkansas, with business origins dating back to 1880, GRT is a leading manufacturer of engineered rubber products, including conveyor belts and sheet rubber products, for many applications across a diversified array of end-markets. Over its 100+ year history, the Company has developed strong brands and a reputation for high quality, reliable products, and differentiated customer service. GRT's product line is manufactured in a 142,000 square foot facility in Paragould, which includes a comprehensive rubber compounding laboratory.
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's common stock trades on the New York Stock Exchange ("NYSE") under the symbol "MAIN." In addition, Main Street has outstanding 6.125% Notes due 2023, which trade on the NYSE under the symbol "MSCA."
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SOURCE Main Street Capital Corporation
Released December 22, 2014