Main Street Announces New Portfolio Investment
HOUSTON, May 3, 2016 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently led a new portfolio investment totaling $16.4 million of invested capital to facilitate the management-led buyout of Gulf Publishing Company ("Gulf") and The Petroleum Economist Limited ("Petroleum Economist", and together with Gulf, the "Companies"), with Main Street funding $13.1 million of the investment. Main Street's investment in the Companies included a combination of first-lien, senior secured term debt and a direct equity investment. Main Street and its co-investor partnered with Gulf's President and CEO John Royall, members of Gulf's management team and a group of third-party co-investors led by Houston investor Russell Denson. Celebrating its 100th year of producing and distributing flagship publications, data products and events for the oil and gas industry, the new independent company will retain the name Gulf Publishing Company, will continue to publish its three energy-focused journals, including World Oil, Hydrocarbon Processing and Gas Processing, and will add the London-based oil and gas business and strategy journal Petroleum Economist. The Companies also produce events and data intelligence for the energy industry.
Headquartered in Houston, Texas, Gulf Publishing Company was incorporated in 1916 by a team of oil company executives and oilfield equipment manufacturers as wildcat discoveries were being made in Goose Creek field along the Houston Ship Channel. Originally titled "Gulf Coast Oil News," the weekly publication found its niche reporting on an exciting and evolving global industry. Today, Gulf Publishing produces and distributes leading trade journals, industry research, databases, software, conferences and events designed for the needs of the energy industry.
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 May 3, 2016