Main Street Announces New Portfolio Investment
HOUSTON, April 19, 2016 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently led a new portfolio investment totaling $6.0 million of invested capital to facilitate the majority recapitalization of BBB Tank Services, LLC ("BBB" or the "Company"), with Main Street funding $4.8 million of the investment. Main Street's investment in BBB included a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and its co-investor are providing BBB an undrawn revolving line of credit to support its future working capital needs. Main Street and its co-investor partnered with Turning Basin Capital Partners LLC, a private equity firm based in Richmond, Virginia with a focus on energy-related companies in the lower-middle market that led the recapitalization, and the Company's three co-founders.
Headquartered in Baytown, Texas, and founded in 2001, BBB (www.bbbtankservices.com) provides products and services to the above-ground storage tank ("AST") market. The Company's products and services include routine and emergency maintenance and repairs, replacement seals for floating roofs, application of protective coatings, and new tank construction and are provided primarily to owners of storage terminals that hold crude, refined petroleum products, chemicals and other commodities. Over its 15 year operating history, BBB has established a strong reputation for product quality, rapid response times and high safety standards.
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 April 19, 2016