Main Street Capital Corp. has exited its debt and equity investment in Merrick Systems Inc., the company announced. Main Street Capital exited when HitecVision, a Norwegian-based private equity investor, took a majority stake in Merrick. Publicly traded Main Street provides long-term debt and equity capital to lower middle market companies.
Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) announced today that it has fully exited its debt and equity investment in Merrick Systems, Inc. (“Merrick” or the “Company”).
Main Street completed the exit of its debt and equity interest in Merrick as part of a majority equity investment in Merrick by HitecVision, a Norwegian-based private equity investor focused on the international oil and gas industry. Main Street made its investment in Merrick, which consisted of a first lien, secured debt investment with equity warrant participation, during May 2010 to support the Company’s various growth initiatives. Main Street realized a total internal rate of return of 41% on its investment in the Company.
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. Main Street’s lower middle market investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. 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 also maintains a portfolio of privately placed, interest-bearing debt investments in middle market businesses that are generally larger in size than its lower middle market portfolio companies.