Main Street Announces New Portfolio Investment
Invests $8.8 Million in Analytical Systems Keco, LLC
HOUSTON, Aug. 27, 2019 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the recapitalization of Analytical Systems Keco, LLC ("ASK" or the "Company"), a leading manufacturer and designer of liquid and gas sensor analyzers for refineries, pipelines, chemical plants, and gas processing plants. Main Street, along with its co-investors, partnered with the Company's senior management team to facilitate the recapitalization and provide growth capital, with Main Street funding $8.8 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and one of its co-investors are providing ASK a credit facility to support its future growth initiatives and working capital needs.
Founded in 1984, and headquartered in Houston, Texas, ASK (www.liquidgasanalyzers.com) is a third-generation family-owned business with a long-term customer base in the United States and various international markets. The Company's analyzers serve mission-critical applications in ensuring safety and compliance for their end-users, with the ability to detect contaminants in liquids and gases, such as H2S (hydrogen sulfide), carbon dioxide, sulfur, and oil hydrocarbons.
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.
SOURCE Main Street Capital Corporation
Released August 27, 2019