Main Street Capital Announces New Portfolio Activity
HOUSTON, April 6 /PRNewswire-FirstCall/ -- Main Street Capital Corporation (Nasdaq: MAIN) ("Main Street") announced today a new portfolio investment in Currie Acquisitions, LLC, dba Currie Technologies ("Currie Technologies" or the "Company"). Main Street made a $6.5 million total investment in Currie Technologies in support of the Company's growth initiatives. Main Street's investment consists of a first lien, secured debt investment with equity warrant participation and a direct common equity investment. Main Street's fully diluted equity interest in Currie Technologies is approximately 47%.
Currie Technologies (www.currietech.com) is the largest U.S.-based designer and distributor of electric bicycles and electric scooters for personal mobility. Currie Technologies owns patented and proprietary hybrid-electric drive systems allowing for more functionality at lower price points. Currie Technologies' future growth plans include domestic and international channel expansion.
On a cumulative basis during 2010, Main Street has also invested a total of $11 million in various other interest-bearing debt securities at a weighted average interest coupon of approximately 13%.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies. Main Street's investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one-stop" financing alternatives to its portfolio companies.
Main Street cautions that statements in this press release which are forwardlooking and provide other than historical information involve risks and uncertainties that may impact our future results of operations. The forwardlooking statements in this press release are based on current conditions and include statements regarding our goals, beliefs, strategies and future operating results and cash flows, including but not limited to Currie Technologies' future growth plans. Although our management believes that the expectations reflected in those forwardlooking statements are reasonable, Main Street can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: our continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which our portfolio companies operate; changes in laws and regulations that may adversely impact our operations or the operations of one or more of our portfolio companies; the operating and financial performance of our portfolio companies; retention of key investment personnel; competitive factors; and such other factors described under the captions "Special Note Regarding Forward-Looking Statements" and "Risk Factors" included in our filings with the Securities and Exchange Commission (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
Contacts: Main Street Capital Corporation Todd A. Reppert, President and CFO email@example.com / 713-350-6000 Dennard Rupp Gray & Easterly, LLC Ken Dennard / firstname.lastname@example.org Ben Burnham / email@example.com 713-529-6600
SOURCE Main Street Capital Corporation
Released April 6, 2010