Main Street Announces New Portfolio Investment Invests $34.3 Million in Elgin Industries, Inc.
Main Street Capital Corporation (NYSE: MAIN) has completed a $34.3 million investment to recapitalize Elgin Industries, Inc., a supplier of engine and chassis components.
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Rhea-AI Summary
Main Street Capital Corporation (NYSE: MAIN) has completed a $34.3 million investment to recapitalize Elgin Industries, Inc., a supplier of engine and chassis components. This investment includes senior secured term debt and direct equity. Additionally, Main Street and co-investors have provided Elgin with a revolving line of credit for future growth. Founded in 1919, Elgin supplies over 45,000 SKU offerings to OEMs and aftermarket customers in various vehicle markets.
Positive
- Completed a $34.3 million investment in Elgin Industries.
- Investment includes first lien, senior secured term debt and equity.
- Provides a revolving line of credit to support Elgin's growth.
Negative
- None.
Details
News Market Reaction – MAIN
The recorded move for MAIN in the trading session of this news was +3.59%.
Data tracked by StockTitan Argus. Session date unavailable.
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HOUSTON, Oct. 25, 2022 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the recapitalization of Elgin Industries, Inc. ("Elgin" or the "Company"), a fully integrated supplier of engine and chassis components to original equipment manufacturers and the aftermarket. Main Street, along with its co-investors, partnered with the Company's existing owners and management team to facilitate the transaction, with Main Street funding
Founded in 1919 and headquartered in Elgin, Illinois, Elgin is a Tier 1 supplier of engine and chassis components to leading global engine, equipment and vehicle manufacturers. The company also offers an extensive range of replacement components and kits for aftermarket customers worldwide. With over 45,000 SKU offerings, the Company provides a wide array of parts and solutions to its diverse customer base. For over 100 years, Elgin has supplied key engine and chassis components for a variety of vehicular equipment spanning the automotive and commercial vehicle aftermarkets and original equipment manufacturers in the automotive, commercial vehicle, powersport and industrial equipment markets.
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 investment strategy. Main Street's lower middle market companies generally have annual revenues between
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
Jesse E. Morris, CFO & COO, 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-new-portfolio-investment-invests-34-3-million-in-elgin-industries-inc-301658066.html
SOURCE Main Street Capital Corporation
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