Main Street Announces New Portfolio Investment
HOUSTON, March 6, 2018 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently made a new portfolio investment to facilitate the minority recapitalization of NexRev LLC ("NexRev" or the "Company"), a market leader in the energy management and efficiency industry. Main Street, along with a co-investor, partnered with the Company's founder and Chief Executive Officer, Kenneth Smith, and management team to facilitate the transaction, with Main Street funding $24.3 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and its co-investor are providing NexRev an undrawn credit facility to support its future growth initiatives and working capital needs.
Headquartered in Plano, Texas, and founded in 1994, NexRev develops, manufactures and fabricates energy and facility management products and self-performs integration of HVAC, Electrical, Building Management Systems and Test and Balance services, directly to national account clients. NexRev's customers span a variety of end markets, including multi-site retailers, theaters, restaurants, commercial, and industrial facilities. NexRev's DrivePak™, Freedom EMS, Proactive Portfolio Management, and HVAC Replacement solutions enable clients to reduce both their capital and operational spend with performance guarantees.
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 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."
SOURCE Main Street Capital Corporation
Released March 6, 2018