Main Street Announces Follow-On Investment
Invests $24.8 Million in Cody Pools, Inc. to Support Acquisition
HOUSTON, Dec. 20, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in an existing portfolio company. Main Street, along with its co-investor, made the follow-on investment in Cody Pools, Inc. ("Cody" or the "Company") to support the Company's growth and the acquisition of a Phoenix, Arizona-based pool builder. Main Street's portion of the follow-on investment consists of an additional $24.8 million first lien, senior secured term debt investment.
Founded in 1994 and headquartered in Georgetown, Texas, Cody (www.codypools.com) is a leading designer and builder of premium, highly customized swimming pools and spas for residential and commercial customers in the United States and has been ranked as the "#1 Pool Builder in the Nation" by Pool & Spa News, the largest publication in the swimming pool and hot tub industry, for nine consecutive years. With current residential operations in Texas and Florida, this acquisition adds significant value by further expanding Cody's national presence to Arizona. Main Street made its initial investment in Cody in March 2020 and previously completed a follow-on investment in August 2021 to support the acquisition of a separate Texas-based pool builder.
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 20, 2021