Main Street Announces New Portfolio Investments
Invests $38.4 Million in Verified Credentials, Inc. and Two Additional Background Screening Companies
HOUSTON , Dec. 2, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the majority recapitalization of Verified Credentials, Inc. ("Verified"), a leading consumer reporting agency specializing in pre-employment background checks and ancillary related services. Main Street, along with its co-investor, partnered with Iron Creek Partners, LLC ("Iron Creek"), a sector-focused private investor that Main Street has partnered with on multiple prior investments over the last decade, and Verified's existing owner and senior management team to facilitate the transaction and provide growth capital. Main Street and its co-investor also partnered with Iron Creek on two additional investments in the background screening space, Credential Check Corporation and Midwest Backgrounds, Inc. (together with Verified, the "Companies"), with Main Street funding $38.4 million in a combination of first lien, senior secured term debt and direct minority equity investments across the Companies.
Founded in 1984, 1984 and 1998 and operating from three locations in Michigan, Illinois and Minnesota, respectively, the Companies provide pre-employment background check services to employers in multiple industries throughout the U.S.
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 investment strategy. 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 December 2, 2021