Main Street Announces New Portfolio Investment
Invests $24.8 Million in Career Team Holdings, LLC
HOUSTON, Jan. 5, 2022 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment in Career Team Holdings, LLC ("Career TEAM") to facilitate the recapitalizations of Career TEAM, LLC and Career Edge, LLC (together, the "Companies"). The Companies are a leading provider of workforce development services and learning and case management software solutions to regional workforce development boards, federally and state-funded work programs, and higher learning institutions across the country. 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 the Companies' existing owner and Chief Executive Officer to facilitate the transaction and provide growth capital, with Main Street funding $24.8 million in a combination of first-lien, senior secured term debt and a minority direct equity investment. In addition, Main Street and its co-investor are providing Career TEAM with a revolving line of credit to support the Companies' future growth initiatives and working capital needs.
Founded in 1996 and headquartered in North Haven, Connecticut, the Companies are a career consultancy firm and software solution serving the government and education markets. The Companies serve their customers through a fully integrated, in-person and digital career coaching and development platform, providing its constituents (both program participants and students) with the necessary skills, education, and resources to help gain full-time employment.
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.
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SOURCE Main Street Capital Corporation
Released January 5, 2022