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 $34.3 million in a combination of first lien,
senior secured term debt and a direct equity investment. Main
Street and one of its co-investors also provided Elgin with a revolving line of credit to
support the Company's future growth initiatives and working capital
needs.
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.
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 investment strategy. 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, 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
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SOURCE Main Street Capital Corporation