Main Street Announces Follow-On Investment
HOUSTON, Jan. 3, 2024 /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, along with its co-investor, and alongside additional equity investments by the existing owners and management of the portfolio company, made the follow-on investment in Johnson Downie Opco, LLC ("Johnson Downie" or the "Company") to facilitate the Company's organic and inorganic growth initiatives. Main Street's portion of the follow-on investment consists of an additional $14.9 million first lien, senior secured term debt investment and a $0.5 million direct equity investment.
Founded in 2006 and based in Houston, Texas, Johnson Downie specializes in retained, exclusive partner-level recruiting engagements for the world's elite law firms. Over the past decade, Johnson Downie has assisted with the launching of over 25 law firm offices and placed more than 1,000 law firm partners. It is anticipated that the follow-on investment will expand Johnson Downie's geographic and market coverage to other legal firms and locations.
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.
SOURCE Main Street Capital Corporation
Released January 3, 2024