Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital Corporation (NYSE: MAIN) announced a follow-on investment of $50.0 million in Bolder Panther Group, LLC to facilitate the acquisition of a 79-store retailer across five states: Arkansas, Mississippi, Tennessee, Missouri, and Kentucky. This investment, which is first lien, senior secured term debt, builds on Main Street's previous investments in the company made in December 2020 and July 2021. Bolder Panther, headquartered in Boulder, Colorado, operates 259 retail stores and is a major player in the tobacco retail sector.

Positive

• Follow-on investment of $50.0 million strengthens position in Bolder Panther Group.
• Bolder Panther operates 259 stores, enhancing diversification and market reach.
• The acquisition strategy indicates growth potential in retail operations.

Negative

• None.

Invests $50.0 Million in Bolder Panther Group, LLC to Support Acquisition

HOUSTON, Aug. 3, 2022 /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 made the follow-on investment in Bolder Panther Group, LLC ("Smoker Friendly" or the "Company") to support the Company's acquisition of a 79-store retailer with locations spread across Arkansas, Mississippi, Tennessee, Missouri and Kentucky. Main Street's follow-on investment consists of an additional $50.0 million first lien, senior secured term debt investment.

Founded in 1991 and headquartered in Boulder, Colorado, the Company is one of the largest retailers of tobacco products in the United States operating 259 retail stores across twelve states with a mix of tobacco stores, cigar lounges, liquor stores and gas stations, making it a top-50 convenience store chain in the United States by size.  Additionally, the Company owns a line of private-label tobacco products that are sold through both the Company's retail stores and an authorized dealer network of over 750 stores. Main Street made its initial investment in the Company in December 2020 and previously completed a follow-on investment in July 2021 to support the acquisition of a separate Louisiana-based retailer.

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 private loan and 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

 

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SOURCE Main Street Capital Corporation

FAQ

What recent investment did Main Street Capital make?

Main Street Capital announced a follow-on investment of $50.0 million in Bolder Panther Group, LLC.

What is the purpose of Main Street's investment in Bolder Panther?

The investment supports Bolder Panther's acquisition of a 79-store retailer.

When did Main Street Capital make its initial investment in Bolder Panther?

Main Street Capital made its initial investment in Bolder Panther in December 2020.

How many stores does Bolder Panther Group operate?

Bolder Panther Group operates 259 retail stores across twelve states.

Which states will benefit from the new acquisition by Bolder Panther?

The new acquisition will involve stores in Arkansas, Mississippi, Tennessee, Missouri, and Kentucky.