Main Street Announces New Portfolio Investments
HOUSTON, Aug. 17, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently invested a cumulative total of $38.5 million across three investments, including two new portfolio investments and one follow-on investment to support the growth of an existing portfolio company.
Main Street recently completed a new portfolio investment to complete the minority recapitalization of The Affiliati Network, LLC ("Affiliati"), a leading performance marketing agency in the United States that specializes in affiliate marketing and lead generation solutions for brands and advertisers. Affiliati bridges the gap between advertisers seeking customer leads and affiliates who deliver high quality customer traffic. Affiliati was founded in 2011 and is headquartered in Santa Barbara, California. Main Street, along with its co-investor, partnered with Affiliati's founder and CEO to facilitate the transaction, with Main Street funding $20.4 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 Affiliati with a revolving line of credit to support its future growth initiatives and working capital needs.
Main Street recently completed a new portfolio investment to complete the minority recapitalization of Oneliance, LLC ("Oneliance"), a leading provider of final cleaning services and labor staffing solutions to a diverse base of national and regional commercial general contractors operating throughout the Carolinas, Georgia, Tennessee, Florida, Texas, and Colorado. Oneliance was founded in 2014 and is headquartered in Charlotte, North Carolina. Main Street, along with its co-investor, partnered with Oneliance's existing owners and management team to facilitate the transaction, with Main Street funding $6.6 million in a combination of first-lien, senior secured term debt and a direct equity investment.
Main Street recently completed a follow-on investment in Bolder Panther Group, LLC ("Smoker Friendly") to facilitate an acquisition. Smoker Friendly is headquartered in Boulder, Colorado, and is one of the largest retailers of tobacco products in the United States operating over 180 retail stores across eight states with a mix of tobacco stores, cigar lounges, liquor stores, and gas stations, making it a top-50 convenience store chain in the United States by size. Main Street made a $11.5 million follow-on investment to support Smoker Friendly's acquisition of a complementary 21-store brick-and-mortar retailer in Louisiana, further diversifying the company's existing geography into 8 states. Main Street's follow-on investment consisted of additional first lien, senior secured term debt.
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, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.
SOURCE Main Street Capital Corporation
Released August 17, 2021