invests 19.5 million dollars in three existing portfolio companies
HUSTON, July 12, 2022 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN ) (“Main Street”) is pleased to announce that it recently invested a total of 19.5 million dollars in three existing lower middle market portfolio companies, PPL RVs, Inc. (“PPL”), Center Technologies Holdings, LLC (“Centre”) and Nebraska Vet AcquireCo, LLC, dba Heritage Vet Partners, PC (“Heritage”).
Main Street’s follow-up investment in PPL was made to support the acquisition of Four Pages, LLC, dba RV Swap Shop, which provides PPL operations in Central Florida, and to support the company’s ongoing growth initiatives. Founded in 1972, PPL is a provider of used RVs, parts, service and third-party financing from three TEXAS Representations located in Houston, New Braunfels AND Cleburneand its newest location in Summerfield, Florida. The company is the largest RV cargo dealer in the United States and sells RVs on both a consignment and company-owned basis. Main Street originally invested in PPL at June 2010 to support the company’s recapitalization and to provide growing capital. The follow-on investment consisted of an additional first lien, senior secured loan 8.0 million dollars.
Main Street’s subsequent investment in the Centre, along with investments from the Centre’s founder and CEO, supported the acquisition of Commercial IT Solutions, Inc. and Texas Systems Group, Inc., two TEXAS-based providers of IT managed services as part of the Center’s ongoing procurement growth strategy. Headquartered in Houston, Texas, and founded in 2006, the Center has established itself as a mission-critical IT solutions provider by offering a complete set of solutions including managed and hosted services, value-added resources and integration and services the project. Main Street, along with its co-investors, initially invested in Center in January 2019 in partnership with the Center’s founder and CEO and leadership team to facilitate the company’s minority recapitalization. The following investment consisted of 6.3 million dollars in a combination of first lien, senior secured loan and a direct equity investment.
Main Street also recently completed two follow-on investments in Heritage to support the acquisitions of United Veterinary Service SC and Animal Clinic of Monett, Inc., two mixed animal practices offering veterinary services and products, as part of its continued growth strategy of Heritage purchases. Founded in 1985 and headquartered in West Point, NebraskaHeritage is the leading provider of mixed and large animal veterinary services and products to livestock producers and companion animal owners worldwide United States. Main Street was originally invested in Heritage in December 2020 partnered with Heritage’s existing owners and senior management team to facilitate the company’s minority recapitalization and provide incremental capital to help facilitate the company’s acquisition growth strategy in the mixed animal veterinary space. Since Main Street’s initial investment in Heritage, the company has now completed four acquisitions. Subsequent investments consisted of additional first lien, senior term loans secured in total 5.2 million dollars.
ABOUT MAIN CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a leading 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 operating in various industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally offers “one-stop” financing alternatives within its lower middle market investment strategy. Lower middle market Main Street companies generally have annual revenues between 10 million dollars AND 150 million dollars. Main Street middle market debt investments are made in businesses that are generally larger in size than 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.
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SOURCE Main Street Capital Corporation