Main Street Announces New Portfolio Investment
HOUSTON, June 5, 2019 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the management led buyout of Trantech Radiator Products, Inc. ("Trantech" or the "Company"), the leading domestic designer, manufacturer, and supplier of branded radiators and cooling systems for transformer original equipment manufacturer products used in the electric power generation, transmission, and distribution markets and other industrial end markets. In addition, the Company provides market leading maintenance service and replacement cooling products to aftermarket customers.
Main Street, along with its co-investors, partnered with the Company's senior management team to facilitate the transaction, with Main Street funding $15.1 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and one of its co-investors are providing Trantech a credit facility to support its future growth initiatives and working capital needs.
Founded in 1932, and headquartered in Edgefield, South Carolina, Trantech maintains a strong reputation for outstanding customer service, product reliability, and design flexibility and manufactures radiators of a wide variety of sizes, shapes, and finishes designed to withstand harsh environments. Trantech's unique capabilities position the Company as the market leading provider for customized, high-quality, American made transformer cooling products.
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.
SOURCE Main Street Capital Corporation