HOUSTON, April 6, 2021 /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 Colonial Electric Company, LLC
("Colonial" or the "Company"), a leading provider of electrical
contracting services in the mid-Atlantic region of the United States. Main Street, along with its
co-investor, partnered with the Company's existing owners and
senior
management team to facilitate the transaction, with Main Street funding $32.9 million in
a combination of first-lien, senior secured term debt and a direct
equity investment. Main Street and its co-investor are also
providing Colonial with a revolving line of credit to support the
Company's working capital needs.
Founded in 1970 and headquartered in Harwood, Maryland, Colonial is a third
generation, family-owned electrical contracting services provider,
focused on multi-family housing in Maryland, Northern
Virginia and Washington,
D.C.
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 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.
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.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO,
dhyzak@mainstcapital.com
Brent D. Smith, CFO,
bsmith@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