Main Street Capital Corp. said Tuesday that it has invested $13 million in Tin Roof. The funding will be used by Tin Roof to refinance existing debt and for expansion. Headquartered in Nashville, Tin Roof, which is a portfolio company of Larsen MacColl Partners, is a live music and restaurant chain.
HOUSTON, Nov. 19, 2013 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) announced today that it recently closed a new portfolio investment totaling $13.0 million of invested capital in Tin Roof Acquisition Company, LLC (“Tin Roof”). Main Street’s investment in Tin Roof includes a combination of first lien, senior secured term debt and a direct equity investment. Proceeds of Main Street’s investment were used by Tin Roof to refinance existing debt and to provide growth capital to support new unit expansion.
Headquartered in Nashville, Tennessee, and founded in 1996, Tin Roof is a leading casual live entertainment and restaurant concept with 11 locations throughout the Southeast and Midwest currently serving approximately 25,000 patrons each week. Tin Roof is a portfolio company of Larsen MacColl Partners, L.P., a lower middle market private equity firm based in Radnor, Pennsylvania.
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.