Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital (NYSE: MAIN) completed a follow-on investment on Dec 2, 2025, providing an additional $20.0 million to portfolio company Chamberlin Holding LLC to support Chamberlin's strategic acquisition of a commercial roofing contractor in the Southeastern United States.

The investment is Main Street's portion of a co-investment with MSC Income Fund (NYSE: MSIF) and takes the form of a first lien, senior secured term debt facility. Main Street and MSIF originally invested in Chamberlin in February 2018. The acquisition expands Chamberlin's footprint beyond its Southwest base into the Southeast.

Positive

• $20.0 million incremental first-lien term debt investment
• Co-investment with MSIF spreads capital exposure
• Acquisition expands Chamberlin into the Southeast US
• Supports strategic inorganic growth for a portfolio company

Negative

• Follow-on debt increases portfolio concentration in a single company

Insights

Credit/Private Equity Analyst

Follow-on $20.0 million first‑lien debt supports an add‑on acquisition and deepens Main Street's portfolio exposure.

Main Street deployed a $20.0 million additional first lien, senior secured term debt investment on Dec. 2, 2025 to help Chamberlin acquire a Southeastern commercial roofing contractor. This uses capital to enlarge a revenue base and geographic footprint while keeping capital deployed in an existing portfolio company.

Risks include execution of the acquired business integration and reliance on the contractor market in the Southeast and Chamberlin's existing regions; the first‑lien, senior secured structure reduces credit risk but does not remove operational execution risk. Watch integration milestones, any disclosed pro forma revenue or leverage metrics, and near‑term performance updates over the next 6–12 months; note Main Street originally invested in Feb 2018, which signals an ongoing sponsor relationship that may support monitoring and value preservation.

Invests an Additional $20.0 Million in Chamberlin Holding LLC to Support Strategic Acquisition

HOUSTON, Dec. 2, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in its existing portfolio company, Chamberlin Holding LLC ("Chamberlin" or the "Company"), an industry leading specialty roofing and waterproofing contractor. Main Street, along with its co-investor MSC Income Fund, Inc. (NYSE: MSIF) ("MSIF"), made the follow-on investment in Chamberlin to support the Company's strategic acquisition of a commercial roofing contractor in the Southeastern United States. Main Street and MSIF facilitated the transaction, with Main Street's portion of the investment consisting of an additional $20.0 million first lien, senior secured term debt investment. Main Street and MSIF initially invested in Chamberlin in February 2018.

Founded in 1897, and headquartered in Houston, Texas, Chamberlin is a market leading commercial specialty contractor with a focus on installing high quality roofing and waterproofing systems, as well as providing roof maintenance and leak repair services throughout the Southwest region of the United States, with a focus in Texas. Chamberlin provides its services to a variety of end markets, including office, educational, healthcare, manufacturing, data centers, multi-family, governmental, religious, retail, aviation, parking garages and hospitality / entertainment venues. Outside of the Company's Houston headquarters, Chamberlin has offices in Dallas, Austin, San Antonio, Fort Worth and the Rio Grande Valley. The acquisition expands the Company's footprint into the Southeastern region of the United States.

ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

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, including MSIF. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

ABOUT MSC INCOME FUND, INC.
MSIF (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. MSIF's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSIF seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSIF also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSIF has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. MSIF's private loan portfolio companies generally have annual revenues between $25 million and $500 million. MSIF's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson@mainstcapital.com                  
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com  
Zach Vaughan | zvaughan@dennardlascar.com  
713-529-6600

 

View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-302630121.html

SOURCE Main Street Capital Corporation

FAQ

What did Main Street (MAIN) announce on December 2, 2025 regarding Chamberlin?

Main Street announced a follow-on $20.0 million first-lien, senior secured term debt investment to support Chamberlin's acquisition.

How is Main Street financing the Chamberlin acquisition support for MAIN shareholders?

Main Street provided its portion as a first lien, senior secured term debt investment alongside MSIF.

Does the Main Street investment change Chamberlin's geographic footprint?

Yes; the funding supports an acquisition that expands Chamberlin's operations into the Southeastern United States.

When did Main Street and MSIF first invest in Chamberlin (MAIN)?

Main Street and MSIF initially invested in Chamberlin in February 2018.

What type of company is Chamberlin, the MAIN portfolio company?

Chamberlin is a commercial specialty roofing and waterproofing contractor focused on installation, maintenance, and leak repair.