Main Street Announces Definitive Agreement Which Will Result in Portfolio Company Exit
Completion of transaction will result in repayment of Main Street's debt investment and exit of its equity investment in Daseke
HOUSTON, Dec. 29, 2016 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that Daseke, Inc. ("Daseke") recently entered into a definitive merger agreement with Hennessy Capital Acquisition Corp. II ("HCAC"), a blank check company, under which HCAC would merge with Daseke, taking a minority position, allowing Daseke to become a NASDAQ-listed public company. This transaction is subject to customary closing conditions, including regulatory and stockholder approvals and the receipt of proceeds from the proposed debt and equity financing activities, and is expected to close promptly following HCAC's special meeting of stockholders to approve the proposed transaction. The parties expect the merger will be completed in the first quarter of 2017, and the completion of this transaction will result in the repayment of Main Street's debt investment and the exit of Main Street's equity investment in Daseke.
Daseke is a leading consolidator of the open-deck trucking market and the largest owner and operator of open-deck capacity in North America. The Daseke family of companies offers daily trucking services across the United States, Canada and Mexico, serving a variety of diverse end markets with its fleet of more than 3,000 tractors and 6,000 flatbed and specialized trailers. Daseke provides truckload and over dimensional large project moving and full service logistics.
The completion of this transaction is expected to result in a value received by Main Street that is greater than Main Street's most recent fair market values for Main Street's investments in Daseke, as disclosed in its most recent public filings.
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."
This press release may contain certain forward-looking statements, including but not limited to the completion of the transaction described, repayment and exit of Main Street's related investments and the value received therefore. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.
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SOURCE Main Street Capital Corporation
Released December 29, 2016