Main Street Announces New Portfolio Investment
Invests $15.1 Million in Batjer & Associates, LLC and Batjer Service, LLC
HOUSTON, March 15, 2022 /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 Batjer & Associates, LLC and Batjer Service, LLC (collectively, "Batjer" or the "Company"), a leading provider of mechanical HVAC and plumbing services for customers in the West Texas market. Main Street, along with its co-investor, partnered with the Company's existing owners and senior management team to facilitate the transaction, with Main Street funding $15.1 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 and delayed draw term loan to support its working capital needs and future growth initiatives.
Founded in 1947 and headquartered in Abilene, Texas, Batjer (www.batjerandassociates.com) is a leading provider of mechanical HVAC and plumbing contracting services, including installation, renovation, repair and replacement services for commercial and residential applications. Over Batjer's 75-year history serving West Texas, the Company has built longstanding relationships with top tier regional contactors, municipalities and local businesses, establishing Batjer as the premier HVAC mechanical contractor within the region.
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 March 15, 2022