Main Street Announces New Portfolio Investment
Invests $42.2 Million in Valley Veterinary Clinic, LLC d/b/a Valley Vet Supply
HOUSTON, Dec. 7, 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 recapitalization of Valley Veterinary Clinic, LLC d/b/a Valley Vet Supply ("Valley Vet Supply" or the "Company"), a leading omnichannel retailer of animal health products and supplies. Main Street, along with several co-investors, partnered with the Company's existing owners and management team to facilitate the transaction, with Main Street funding $42.2 million in a combination of first lien, senior secured term debt and a direct equity investment. Main Street and one of its co-investors also provided Valley Vet Supply with a revolving line of credit to support the Company's future growth initiatives and working capital needs.
Founded in 1985 by veterinarians and headquartered in Marysville, Kansas, Valley Vet Supply (www.valleyvet.com) provides customers with the very best animal health solutions. Building on over half a century of experience in veterinary medicine, Valley Vet Supply serves equine, livestock and pet owners with thousands of medications, vaccines and quality products through its e-commerce website, catalog circulation program, phone sales department and brick & mortar retail store. With an in-house pharmacy that is licensed in all 50 states and verified through the National Association of Boards of Pharmacy (NABP), Valley Vet Supply is the dedicated source for all things horse, livestock and pet.
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 7, 2021