Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital Corporation (NYSE: MAIN) has completed a follow-on investment of $24.8 million in Cody Pools, Inc. to support its growth and the acquisition of a Phoenix-based pool builder. Founded in 1994, Cody Pools is a leading designer and builder of premium swimming pools in the U.S., ranked #1 in the nation by Pool & Spa News for nine consecutive years. This investment enhances Cody's market presence in Arizona, building on earlier investments made in March 2020 and August 2021.

Positive

• Follow-on investment of $24.8 million supports Cody Pools' expansion and acquisition efforts.
• Cody Pools ranked #1 Pool Builder in the Nation for nine consecutive years, indicating strong brand reputation.

Negative

• None.

HOUSTON, Dec. 20, 2021 /PRNewswire/ --  Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in an existing portfolio company. Main Street, along with its co-investor, made the follow-on investment in Cody Pools, Inc. ("Cody" or the "Company") to support the Company's growth and the acquisition of a Phoenix, Arizona-based pool builder. Main Street's portion of the follow-on investment consists of an additional $24.8 million first lien, senior secured term debt investment.

Founded in 1994 and headquartered in Georgetown, Texas, Cody (www.codypools.com) is a leading designer and builder of premium, highly customized swimming pools and spas for residential and commercial customers in the United States and has been ranked as the "#1 Pool Builder in the Nation" by Pool & Spa News, the largest publication in the swimming pool and hot tub industry, for nine consecutive years. With current residential operations in Texas and Florida, this acquisition adds significant value by further expanding Cody's national presence to Arizona. Main Street made its initial investment in Cody in March 2020 and previously completed a follow-on investment in August 2021 to support the acquisition of a separate Texas-based pool builder.

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 investment strategy.  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, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Jesse E. Morris, CFO & COO, jmorris@mainstcapital.com
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan@dennardlascar.com
713-529-6600

View original content:https://www.prnewswire.com/news-releases/main-street-announces-follow-on-investment-301447935.html

SOURCE Main Street Capital Corporation

FAQ

What is the latest investment made by Main Street Capital?

Main Street Capital recently completed a follow-on investment of $24.8 million in Cody Pools, Inc.

How much did Main Street invest in Cody Pools?

Main Street invested $24.8 million in Cody Pools as part of a follow-on investment.

What is the significance of the investment in Cody Pools for MAIN stock?

The investment supports Cody Pools' growth and acquisition strategy, potentially enhancing its market presence and revenue, which can positively impact MAIN stock.

When did Main Street initially invest in Cody Pools?

Main Street made its initial investment in Cody Pools in March 2020.

Where is Cody Pools expanding its operations?

Cody Pools is expanding its operations by acquiring a Phoenix-based pool builder.