Main Street Capital Corp. has invested $7 million in Garreco. Main Street’s investment consists of $5.8 million in first lien, senior secured term debt and a $1.2 million direct equity investment. Heber Springs, Ark.-based Garreco makes and supplies consumable products used to create dentures, crowns, and bridges in dental laboratories and clinics.
HOUSTON, July 17, 2013 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) announced today that it recently closed a new portfolio investment totaling $7.0 million of invested capital in Garreco, LLC (“Garreco”). Main Street’s investment in Garreco consists of $5.8 million in first lien, senior secured term debt and a $1.2 million direct equity investment.
Garreco is headquartered in Heber Springs, Arkansas, and is a leading manufacturer and supplier of consumable products used to create dentures, crowns, and bridges in dental laboratories and clinics. Garreco, founded in 1988, is one of the country’s largest manufacturers of specialized gypsum products used to create the plaster models and casts necessary to customize dentures, crowns, and bridges for a patient’s mouth. Main Street partnered with Riker Capital, a private equity firm based inChicago, and Garreco’s founders to facilitate the recapitalization.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that 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’s common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “MAIN.” In addition, Main Street has outstanding 6.125% Senior Notes due 2023, which trade on the NYSE under the symbol “MSCA.”