Main Street invested in Grand Flower Growers, a provider of plants and premium flowers. The transaction was for $20.6 million.
HOUSTON, April 7, 2021 /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 Grand Flower Growers, LLC and its related entities (together, “GFG” or the “Company”), a leading grower and distributor of a variety of plants and premium flowers, including annuals, mums, poinsettias, perennials and various other floral arrangements in the midwestern United States. Main Street, along with its co-investor, partnered with the Company’s existing owners and senior management team to facilitate the transaction and provide growth capital, with Main Street funding $20.6 million in a combination of senior secured term debt and a minority direct equity investment.
Founded in 1999 and operating from three greenhouses with over 700,000 square feet in Wayland, Michigan, GFG propagates, plants and grows various types of flowers and plant types for Home Depot garden centers in and around the greater Chicago metropolitan area.
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.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.