invested $31.1 million in SI East, LLC to support strategic acquisitions and ongoing growth activities
HOUSTON, August 5, 2022 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN) (“Main road“) is pleased to announce that the Company recently completed a follow-on investment in an existing portfolio company. Main Street completed the follow-on investment in SI East, LLC (“SI East” or the “company“) to support the company’s acquisition of Chicago Steel Container Corporation, one of the largest independent newcomer manufacturers of steel drums in The United States, and the Company’s other ongoing growth activities. Main Street, along with its co-investor, facilitated the transaction, with Main Street’s follow-up investment consisting of an additional investment $31.1 million senior senior secured debt obligations. This follow-on investment represents Main Street’s second follow-on investment in the company after initially partnering with the company’s existing owners, the Stavig family, in August 2018.
headquarters in Charlotte, North Carolinathe company manufactures new steel drums in strategically located production facilities Charlotte, North Carolina and Cleveland, Ohiooperating under two different legal entities, General Steel Drum, LLC (“GSD“) and North Coast Containers, LLC (“NCC“). GSD and NCC were founded in 1984 and 1983, respectively, and have each grown to become the industry-leading new steel drum suppliers in their respective regions. SI East is one of the largest manufacturers of new steel drums in China The United States, which manufactures a wide range of products including tight lids, open lids, high and low density polyethylene internally lined plastic liners and unlined drums, among various other offerings. The Stavig family is a long-standing and respected participant in the steel drum manufacturing industry, which separately owns and operates Myers Container, LLC and Container Management Services, LLC on the West Coast, providing the Stavig family’s independently operating industrial packaging businesses with a nationwide platform.
ABOUT MAIN STREET CAPITAL CORPORATION
Main road (www.mainstcapital.com) is a leading investment firm primarily providing long-term debt and equity to lower-middle market companies and debt capital to mid-market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies operating across multiple industries. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides one-stop financing alternatives as part of its investment strategy for the lower middle market. Main Street’s lower-middle class businesses generally have annual revenues of between 10 million dollars and 150 million dollars. Main Street’s private credit investments and middle market bonds are made in companies that are generally larger than the lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also operates an asset management business through which it manages investments for outside parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act 1940.
Main Street Capital Corporation
Dwayne L HyzakCHAIRMAN, [email protected]
Jesse E MorrisCFO & COO, [email protected]
Dennard Lascar Investor Relations
Ken Dennard | [email protected]
Zach Vaughan | [email protected]
SOURCE Main Street Capital Corporation