MCG Capital Corporation has closed a $20 million investment in Midwest Technical Institute. MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit. MTI is a private, post-secondary school with five campuses across Illinois and Mississippi. MCG’s investment is made in conjunction with the recapitalization of MTI by Summer Street Capital.
MCG Capital Corporation (Nasdaq: MCGC) (“MCG”) today announced the closing of a $20 million investment in Midwest Technical Institute (“MTI”). MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit.
MTI is a private, post-secondary school providing career education in the fields of welding, HVACR, allied health and cosmetology with five campuses across Illinois and Mississippi. MCG’s investment is made in conjunction with the recapitalization of MTI by Summer Street Capital, a private equity firm with more than $550 million of capital to make equity investments that typically range from $15 to $30 million.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
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