Main Street Capital Corporation recently announced that it recently completed a new portfolio investment totaling $43.2 million to facilitate the recapitalization of Pinnacle Plastics, Inc. and Integrity Plastics, Inc. (known as Pinnacle together), a manufacturer and distributor of commercial can liners, polyethylene bags, produce bags, and other adjacent products for use predominantly in the quick-service restaurant, convenience store, and janitorial services industries.
Main Street – along with its co-investor – partnered with Pinnacle’s existing owners and management team to facilitate the recapitalization, with Main Street’s investment including a combination of first lien, senior secured term debt, and a direct equity investment. Plus, Main Street and its co-investor provided Pinnacle with a revolving line of credit to support the Company’s future growth initiatives and working capital needs.
Main Street 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. And Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its lower middle market investment strategy.
