Main Street Announces New Portfolio Investment
HOUSTON, April 3, 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 leveraged buyout of California Splendor, Inc. ("California Splendor" or the "Company"), a leading provider of frozen natural fruit ingredients. Main Street, along with a co-investor, partnered with the Company's Chief Executive Officer to facilitate the transaction, with Main Street funding $40.5 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street is providing California Splendor a revolving credit facility to support its future growth initiatives and working capital needs.
Founded in 1997, and headquartered in San Diego, California, California Splendor processes a variety of organic and conventional fruits for blue-chip customers in both the consumer packaged goods and foodservice sectors. The Company's products are used as key ingredients in a variety of end-use applications including spreads and pies, individually quick frozen berries, smoothies and yogurts. California Splendor operates two processing facilities in San Diego and Canby, Oregon, which are strategically located adjacent to the premier strawberry and blackberry producing regions in the U.S. and Mexico.
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."
SOURCE Main Street Capital Corporation
Released April 3, 2018