HOUSTON, July 11, 2019 /PRNewswire/ -- Main Street Capital
Corporation (NYSE: MAIN) ("Main Street") is pleased to announce
that it recently fully exited its debt and equity investments in
Lamb Ventures, LLC ("Lamb's" or
the "Company") upon the sale of Lamb's to a sponsor-backed strategic acquirer.
Founded in 1987 and headquartered in Austin, Texas, Lamb's operates 18 tire and automotive repair
retail locations throughout the greater Austin area, offering a full range of
automotive aftermarket repair and maintenance services under the
Lamb's Tire and Automotive brand.
Main Street realized a gain of $6.0
million on the exit of its equity investment in Lamb's, with this realized value representing
an increase in value of $0.1 million
above Main Street's fair market value of this investment as of
March 31, 2019.
Main Street made its initial investment in Lamb's in 2008, consisting of a $4.0 million first lien, senior secured debt
investment and a direct equity investment of $2.0 million. After the initial investment,
Main Street made several follow-on debt and equity investments in
Lamb's to support the Company's
ongoing operations, and more recently, to support the Company's
growth initiatives. On a cumulative basis since Main Street made
its initial investment in 2008, Main Street realized an annual
internal rate of return of 11.0% and a 2.2x times money invested
return on its cumulative debt and equity investments in
Lamb's, excluding debt and equity
investments for real estate related to Lamb's operations.
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.
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