Main Street Announces Follow-On Investment
Invests $12.2 Million in Iron-Main Investments, LLC to Support Acquisition
HOUSTON, Feb. 14, 2023 /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 and its co-investor made the follow-on investment in Iron-Main Investments, LLC ("Iron-Main" or the "Company") in continued partnership with the Company's other equity investors to support the Company's acquisition of a company that specializes in pre-employment background checks and ancillary related services primarily in the industrial and healthcare industries. The complementary business significantly expands and diversifies the Company's customer base, market presence and service offerings. Main Street's follow-on investment consists of an additional $11.2 million of first lien, senior secured term debt and a $1.0 million equity investment.
With its companies operating since 1984, Iron-Main is a leader in pre-employment background checks and related services to employers in multiple industries throughout the U.S. This follow-on investment represents Main Street's third follow-on investment in the Company after initially partnering with Iron Creek Partners, LLC in 2021 to acquire Verified Credentials, Inc., a leading consumer reporting agency specializing in pre-employment background checks and ancillary related services, and previously completing two additional investments to support the Company's acquisitions of Credential Check Corporation and Midwest Backgrounds, Inc.
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, as amended.
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SOURCE Main Street Capital Corporation
Released February 14, 2023