Main Street Announces Follow-On Investment
Main Street Capital Corporation (MAIN)
Last main street capital corporation earnings: 2/27 04:15 pm
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US:NYSE Investor Relations:
ir.mainstcapital.com
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Source: PR Newswire
Invests $40.0 Million in Gulf Manufacturing, LLC to Support AcquisitionHOUSTON, March 19, 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 made the investment in Gulf Manufacturing, LLC ("GMI" or the "Company") to support the Company's acquisition of Maass Global Group ("Maass"), a global leader in the manufacture and distribution of flanges and specialty forged products, forged bar, seamless pipe, and fittings in duplex, stainless steel, and high nickel alloys. Main Street's follow-on investment consists of a $40.0 million first lien, senior secured term debt investment. Main Street also provided GMI with a revolving line of credit to support the Company's future growth initiatives and working capital needs. As a result of the acquisition, a new parent holding company, Gulf Manufacturing Holdings, LLC, was formed to own GMI and Maass.
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