Main Street Announces Follow-On Investments

Main Street Capital Corporation (NYSE: MAIN) announced a total investment of $26 million in first lien, senior secured term debt for two portfolio companies.

Rhea-AI Summary

Main Street Capital Corporation (NYSE: MAIN) announced a total investment of $26 million in first lien, senior secured term debt for two portfolio companies. This includes a follow-on investment in OMi Holdings, Inc., to support its recapitalization, and in Cody Pools, Inc., which is expanding its market presence in Houston through an acquisition. Main Street continues to back lower middle market firms, providing essential capital for growth and operational improvements.

Positive

• Investment of $26 million in two portfolio companies strengthens Main Street's capital position.
• Support for OMi's recapitalization enhances its operational capabilities in material handling.
• Cody Pools' acquisition expands its market presence in Houston, potentially increasing revenue.

Negative

• None.

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HOUSTON, Sept. 7, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently invested a total of $26.0 million in first lien, senior secured term debt in two existing portfolio companies.

Main Street recently completed a follow-on investment in OMi Holdings, Inc, ("OMi") to support a recapitalization of OMi. Founded in 1969 and headquartered in Royse City, Texas, OMi is a vertically integrated manufacturer of through the air material handling equipment including bridge cranes, runway systems, monorail systems, jib cranes and hoists. OMi also provides maintenance services, inspections and after-market parts for both equipment manufactured by OMi and other parties through service locations in Dallas, Houston and Birmingham. Main Street's first investment in OMi was completed in April 2008.

Main Street also recently completed a follow-on investment in Cody Pools, Inc. ("Cody Pools"). Cody Pools is a leading designer and builder of premium, highly customized swimming pools and spas for residential and commercial customers in the United States and has been ranked as the "#1 Pool Builder in the Nation" by Pool & Spa News for nine consecutive years. Main Street's follow-on investment supported Cody Pools' acquisition of a Houston, Texas-based pool builder, further expanding the company's position in the Houston market.

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 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, 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.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com  
Jesse E. Morris, COO & CFO, jmorris@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-investments-301368990.html

SOURCE Main Street Capital Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the total investment made by Main Street Capital Corporation in September 2021?

Main Street Capital Corporation invested a total of $26 million.

Which companies received investments from Main Street Capital Corporation?

The investments were made in OMi Holdings, Inc. and Cody Pools, Inc.

What is OMi Holdings, Inc. known for?

OMi Holdings, Inc. is a manufacturer of material handling equipment and provides maintenance services.

How has Cody Pools, Inc. expanded its business?

Cody Pools, Inc. expanded by acquiring a Houston-based pool builder.

What type of investments does Main Street Capital primarily provide?

Main Street Capital primarily provides long-term debt and equity capital to lower middle market companies.