HOUSTON, Dec. 31, 2012 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed two new lower middle market portfolio investments totaling $35.1 million in invested capital.
Main Street recently closed a $21.1 million investment in Bond-Coat, Inc. ("Bond-Coat"). Main Street's investment in Bond-Coat consists of $14.8 million in first lien, senior secured debt and a $6.3 million direct equity investment. Founded in 1964, Bond-Coat provides external casing and tubing coating for corrosion prevention and cement adhesion. Bond-Coat is headquartered Odessa, Texas and primarily serves upstream oil and gas customers throughout the Permian Basin. Bond-Coat also has operations abroad via a joint venture in Oman. Main Street partnered with Bond-Coat's management team and third party investors to facilitate the recapitalization and growth financing of Bond-Coat.
Main Street also recently closed a $14.0 million investment in Marine Shelters Holdings, LLC d/b/a/ LoneStar Marine Shelters ("LoneStar"), with Main Street's investment in LoneStar including an investment in first lien, senior secured debt and a direct equity investment. Headquartered in Galveston, Texas, LoneStar is an experienced ISO 9001 certified custom marine building fabricator specializing in high blast rated and high fire rated buildings for the offshore oil and gas industry. Main Street partnered with LoneStar's management team to facilitate the recapitalization of LoneStar and support LoneStar's future growth.
ABOUT MAIN STREET CAPITAL CORPORATIONMain Street (
www.mainstcapital.com) is a principal investment firm that 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.
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