Main Street Capital Announces New Portfolio Investment
HOUSTON, Sept. 14, 2011 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed a new lower middle market portfolio investment totaling approximately $6.8 million in invested capital.
The investment was made to support the acquisition of the assets and business of a dedicated investigative facility (the "Company"), which conducts clinical trials for the pharmaceutical industry, by a group of private investors. Main Street's investment consists of $6.3 million in first lien secured debt and a $0.5 million direct equity investment.
Staffed by physicians and support personnel, the Company recruits and treats patients with later stage drugs in development by its pharmaceutical company clients. The Company's primary focus is on Phase II and Phase III metabolic disease trials, principally in diabetes, hypertension and obesity. The Company is headquartered in California.
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. Main Street's lower middle market investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. 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 also maintains a portfolio of privately placed, interest-bearing debt investments in middle market businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street Capital Corporation
Dwayne L. Hyzak, Chief Financial Officer and Senior Managing Director
SOURCE Main Street Capital Corporation
Released September 14, 2011