Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital (NYSE: MAIN) has completed a follow-on investment in Gamber-Johnson Holdings, consisting of a $30.8 million first lien, senior secured term debt investment. This marks Main Street's sixth follow-on investment since initially partnering with the company in June 2016. The investment supports Gamber-Johnson's strategic acquisition of a manufacturer specializing in law enforcement and aftermarket truck accessories. Gamber-Johnson is a leading provider of mounting solutions for mobile workforces, supplying rugged mounting systems for electronic equipment in fleet vehicles, public safety vehicles, forklifts, and other mobility applications.

Positive

• Secured $30.8 million first lien, senior secured term debt investment
• Strategic expansion through acquisition in complementary market segment
• Demonstrates continued growth with sixth follow-on investment since 2016

Negative

• Increased debt exposure through new term debt investment

News Market Reaction

+0.09%

1 alert

+0.09% News Effect

On the day this news was published, MAIN gained 0.09%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Invests an Additional $30.8 Million in Gamber-Johnson Holdings, LLC to Support Acquisition

HOUSTON, Dec. 3, 2024 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in an existing portfolio company. Main Street, along with its co-investor, made the follow-on investment in Gamber-Johnson Holdings, LLC ("Gamber-Johnson" or the "Company") to support the Company's strategic acquisition of a manufacturer specializing in products for law enforcement and aftermarket truck accessories. Main Street, along with its co-investor, facilitated the transaction, with Main Street's follow-on investment consisting of an additional $30.8 million first lien, senior secured term debt investment. This follow-on investment represents Main Street's sixth follow-on investment in the Company after initially partnering with the Company's management team to acquire the Company in June 2016.

Gamber-Johnson is a leading provider of mounting solutions for mobile workforces. With a rich history spanning over 70 years, the Company is committed to quality, innovation and community engagement. Gamber-Johnson is a supplier of rugged mounting systems that safely secure mobile communication systems, computers and other electronic equipment in fleet vehicles, public safety vehicles, forklifts and other mobility applications. Gamber-Johnson's products are used by law enforcement, public safety, military and warehouse fleets around the globe and are known for being rugged, reliable and responsive.

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

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-302320051.html

SOURCE Main Street Capital Corporation

FAQ

What is the size of Main Street Capital's (MAIN) latest investment in Gamber-Johnson?

Main Street Capital (MAIN) made a $30.8 million first lien, senior secured term debt investment in Gamber-Johnson Holdings.

How many follow-on investments has Main Street Capital (MAIN) made in Gamber-Johnson since 2016?

This represents Main Street Capital's (MAIN) sixth follow-on investment in Gamber-Johnson since their initial partnership in June 2016.

What is the purpose of Main Street Capital's (MAIN) December 2024 investment in Gamber-Johnson?

The investment supports Gamber-Johnson's strategic acquisition of a manufacturer specializing in law enforcement and aftermarket truck accessories.