Main Street Announces New Portfolio Investment
Invests $47.4 Million in a Retailer of Luxury Goods
HOUSTON, Jan. 4, 2022 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment in a leading retailer of luxury goods in the United States (the "Company") to finance a management led buyout of the Company. Main Street, along with its co-investor, partnered with the Company's senior management team to facilitate the transaction, with Main Street funding $47.4 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 the Company with a revolving credit facility to support its future growth initiatives and working capital needs.
The Company operates retail stores throughout the Western and Southern United States in addition to maintaining an online sales presence. The Company has built a strong brand identity by delivering high quality products and superior customer service.
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 January 4, 2022