HOUSTON, March 19, 2020 /PRNewswire/ -- Main Street
Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to
announce that it recently completed a new portfolio investment to
facilitate the minority recapitalization of Classic H&G
Holdings, LLC ("Classic" or the "Company"), a leading provider of
engineered packaging solutions for the home & garden and
fragrance & cosmetic industries. Main Street, along with its
co-investor, partnered with the Company's existing owner and senior
management team to facilitate the transaction and provide growth
capital, with Main Street funding $31.8
million in a combination of first-lien, senior secured term
debt and a minority direct equity investment. The Company's capital
structure and liquidity position at closing included approximately
$3.0 million of cash on the Company's
balance sheet and other contractual arrangements providing the
Company access to an additional $3.0
million of equity support to facilitate the Company's future
capital and liquidity needs. In addition, Main Street and its
co-investors are providing Classic with a credit facility to
support its future growth initiatives and working capital
needs.
Founded in 1975 and headquartered in Monroe, Connecticut, Classic delivers
high-quality, unique packaging products through two distinct
brands. The Classic Home & Garden brand designs, engineers,
manufactures and distributes decorative planters, fountains and
home décor items through partnerships with growers, garden shops
and traditional/online retailers, and the Jade Road brand designs,
engineers and manufactures turnkey fragrance products in addition
to custom packaging solutions for the global fragrance and beauty
categories.
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