Main Street Capital announced that since year-end, it has invested $36.6 million in five existing lower middle market portfolio companies: Centre Technologies Holdings, Pearl Meyer Topco, SI East, Slick Innovations, and Bolder Panther Group.
Centre is a premier IT solutions provider offering a full suite of solutions, including managed and hosted services, value-added sourcing and integration, and project services. Main Street, along with its co-investors, initially invested in Centre in January 2019, partnering with Centre’s founder and CEO and management team to facilitate a minority recapitalization of Centre.
This follow-on investment, which consisted of an additional first lien and senior secured term loan of $4.4 million, was made to support the acquisition. And it represents Main Street’s fourth follow-on investment in Centre.
Pearl Meyer is the premier independent provider of executive compensation consulting services, benchmarking data, and surveys. Main Street originally invested in Pearl Meyer in 2020, partnering with the management team and senior consultants to facilitate its recapitalization. This follow-on investment was made to support an additional recapitalization and consists of an additional first lien, senior secured term loan of $4 million. It represents Main Street’s sixth follow-on investment in Pearl Meyer.
SI East is one of the largest producers of new steel drums in the United States, with manufacturing facilities in Charlotte, North Carolina, Cleveland, Ohio, and Chicago, Illinois. SI East produces various products, including tight heads, open heads, interior lines, high and low-density polyethylene plastic liners, and unlined drums. Main Street and a co-investor originally invested in SI East in 2018, partnering with the company’s existing owners, the Stavig Family, to facilitate an acquisition. This follow-on investment was made to support an additional recapitalization and consists of an additional first lien, a senior secured term loan of $13.1 million, and represents Main Street’s third follow-on investment in SI East.
SlickText is a leading provider of Application-to-Person software solutions delivering marketing and customer engagement tools through a software-as-a-service application offering a versatile, feature-rich platform that can be used by various industries and organizations to efficiently market and communicate with customers and other parties through automated text messaging within the US and Canada. And Main Street and a co-investor initially invested in SlickText in 2019, partnering with Iron Creek Partners. This follow-on investment was made to support an additional recapitalization and consists of an additional first lien, a senior secured term loan of $7.6 million, and represents Main Street’s second follow-on investment in SlickText.
Smoker Friendly is one of the largest retailers of tobacco products in the United States and operates 345 retail stores across 12 states, including tobacco stores, cigar lounges, liquor stores, and gas stations. Smoker Friendly also owns a private-label tobacco line sold throughout its retail stores and a network of authorized dealers. Main Street originally invested in Smoker Friendly in 2021, partnering with Smoker Friendly’s senior management team and other existing shareholders to facilitate a minority recapitalization of Smoker Friendly. This follow-on investment was made to support an acquisition and consists of an additional first lien, senior secured term loan of $7.5 million, and represents Main Street’s third follow-on investment in Smoker Friendly.
