Main Street Announces Follow-On Investment
HOUSTON, Oct. 7, 2014 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently completed a follow-on investment in an existing portfolio company totaling $16.4 million. Main Street's follow-on investment in SambaSafety Holdings, L.L.C. ("SambaSafety" or the "Company") supported the Company's acquisition of a complementary business in the driver risk management software and technology-enabled services industry, an acquisition which significantly expands the Company's customer base and service offering. The follow-on investment consists of an additional $16.0 million of first lien, senior secured term debt and a $0.4 million equity investment.
Headquartered in Albuquerque, New Mexico, SambaSafety is an industry leading provider of driver risk management software and services to car and truck fleet owners, insurance carriers and agents, employment background screeners, and automotive retailers. This acquisition adds significant scale to the Company's operations, and enhances SambaSafety's position as a leading national provider of driver risk management and motor vehicle record monitoring. The Company previously acquired American Driving Records, Inc. ("ADR") in August 2012, an acquisition which secured SambaSafety's data access to motor vehicle records in all 50 states, while adding scale and balance to the Company's revenue mix. Main Street made its initial investment in SambaSafety during the fourth quarter of 2011.
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 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 portfolio. 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's common stock trades on the New York Stock Exchange ("NYSE") under the symbol "MAIN." In addition, Main Street has outstanding 6.125% Notes due 2023, which trade on the NYSE under the symbol "MSCA."
Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director
SOURCE Main Street Capital Corporation
Released October 7, 2014