Main Street Announces Exit of Portfolio Investment
Generates $9.3 million Realized Gain From Exit of Investment in IDX Broker, LLC
HOUSTON, June 24, 2020 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently fully exited its debt and equity investments in IDX Broker, LLC ("IDX" or the "Company") upon the sale of IDX to a sponsor-backed strategic acquirer. Founded in 2003 and headquartered in Eugene, Oregon, IDX offers the industry's leading software-as-a-service ("SaaS") search and lead management solution which integrates data feeds from multiple listing services ("MLS") into websites for real estate professionals. Main Street realized a gain of $9.3 million on the exit of its equity investment in IDX.
Main Street made its initial investment in IDX in 2013, consisting of a $10.6 million first lien, senior secured debt investment and a direct equity investment of $5.0 million. After its initial investment, Main Street made several additional follow-on debt and equity investments in IDX to facilitate certain changes to the Company's capital structure and to support the Company's ongoing operations and growth initiatives. On a cumulative basis since Main Street made its initial investment in 2013, Main Street realized an annual internal rate of return of 15.8% and a 1.9 times money invested return on its cumulative debt and equity investments in IDX.
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 June 24, 2020