Main Street Announces Follow-On Investment
Invests $50.0 Million in Bolder Panther Group, LLC to Support Acquisition
HOUSTON, Aug. 3, 2022 /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 made the follow-on investment in Bolder Panther Group, LLC ("Smoker Friendly" or the "Company") to support the Company's acquisition of a 79-store retailer with locations spread across Arkansas, Mississippi, Tennessee, Missouri and Kentucky. Main Street's follow-on investment consists of an additional $50.0 million first lien, senior secured term debt investment.
Founded in 1991 and headquartered in Boulder, Colorado, the Company is one of the largest retailers of tobacco products in the United States operating 259 retail stores across twelve states with a mix of tobacco stores, cigar lounges, liquor stores and gas stations, making it a top-50 convenience store chain in the United States by size. Additionally, the Company owns a line of private-label tobacco products that are sold through both the Company's retail stores and an authorized dealer network of over 750 stores. Main Street made its initial investment in the Company in December 2020 and previously completed a follow-on investment in July 2021 to support the acquisition of a separate Louisiana-based retailer.
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 private loan and 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 August 3, 2022