Main Street has invested $26 million in Superior Rigging & Erecting Co. Based in Atlanta, Superior Rigging & Erecting Co is a provider of rigging, steel erection and crane & equipment rental services.
HOUSTON, Sept. 2, 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 Superior Rigging & Erecting Co. (“Superior” or the “Company”), a leading provider of rigging, steel erection and crane & equipment rental services throughout the southeastern United States. Main Street partnered with the Company’s management team to facilitate the transaction, with Main Street funding $26.0 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street is providing Superior with access to additional term debt to facilitate its future growth needs.
Founded in 1952, and headquartered in Atlanta, Georgia, Superior (www.superiorrigging.com) provides rigging, steel erection and crane & equipment rental services to customers across the southeastern United States. The Company offers crane, forklift, tractor trailer and accessory equipment rental in addition to a variety of services, including structural steel erection, specialized rigging, millwrighting, turnkey plant services, heavy transport and warehousing. Superior maintains one of the largest fleets of cranes, forklifts and other peripheral equipment for contract or rental and partners with some of the most well-respected general contractors in its 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 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.