Main Street Announces Portfolio Investment Exit
HOUSTON, Dec. 4, 2013 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has fully exited its debt and equity investments in Van Gilder Insurance Corporation, an industry leading provider of a full spectrum of insurance brokerage services, including business insurance, employee benefits, risk management and personal insurance services ("Van Gilder" or the "Company").
Main Street completed the exit of its debt and equity interests in Van Gilder as part of a sale of the Company to USI Insurance Services, LLC, the tenth largest insurance brokerage firm in the United States. Main Street made its initial investment in Van Gilder, which consisted of $8.2 million of first lien, secured debt investments with equity warrant participation and a $2.5 million direct equity investment, in January of 2011 to refinance certain of the Company's debt obligations and provide additional liquidity for the Company's ongoing operations. Main Street realized a total internal rate of return of 16.2% and 1.4 times money invested return on its debt and equity investments in the Company.
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% Notes due 2023, which trade on the NYSE under the symbol "MSCA."
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director
dhyzak@mainstcapital.com
713-350-6000
Dennard ▪ Lascar Associates, LLC
Ken Dennard / ken@dennardlascar.com
Ben Burnham / ben@dennardlascar.com
773-599-3745
SOURCE Main Street Capital Corporation
Released December 4, 2013