Main Street Announces Follow-On Investment

Rhea-AI Summary

Main Street Capital Corporation (NYSE: MAIN) announced a follow-on investment of $40 million in Gamber-Johnson, LLC to finance its acquisition of Lind Electronic Design Company, Inc.. This investment, which marks Main Street's fifth in Gamber-Johnson since June 2016, is a senior secured term debt. Lind, based in Minnetonka, Minnesota, specializes in rugged mobile power solutions for various sectors, including public safety and military. Gamber-Johnson, headquartered in Stevens Point, Wisconsin, is a leading provider of rugged mounting solutions used globally by law enforcement and military fleets.

Positive

• Main Street's investment of $40 million strengthens its portfolio and supports Gamber-Johnson's acquisition strategy.
• The acquisition of Lind Electronic Design Company enhances Gamber-Johnson's product offerings in rugged mobile power solutions.

Negative

• None.

Invests $40.0 Million in Gamber-Johnson, LLC to Support Acquisition

HOUSTON, Jan. 24, 2023 /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 Gamber-Johnson, LLC ("Gamber-Johnson" or the "Company") to support the Company's acquisition of Lind Electronic Design Company, Inc. ("Lind"). Headquartered in Minnetonka, Minnesota, Lind is a manufacturer and supplier of rugged mobile power solutions to the public safety, U.S. Military and warehousing industries. Lind's product offering includes rugged mobile power adapters, battery chargers, USB adapters, shutdown timers and cabling. Main Street, along with its co-investor, facilitated the transaction, with Main Street's follow-on investment consisting of an additional $40.0 million first lien, senior secured term debt investment. This follow-on investment represents Main Street's fifth follow-on investment in the Company after initially partnering with the Company's management team to acquire the Company in June 2016.

Founded in 1954 and headquartered in Stevens Point, Wisconsin, Gamber-Johnson is a leading worldwide supplier of rugged mounting solutions and cases that safely secure and protect mobile communication systems, computers and other electronic equipment in fleet and public safety vehicles, forklifts, semi-trucks and professional audiovisual applications. Gamber-Johnson's products are used by law enforcement, enterprise, military and warehouse fleets around the globe and are known for being rugged, reliable and responsive.

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, as amended.

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-301728907.html

SOURCE Main Street Capital Corporation

FAQ

What recent investment did Main Street Capital announce?

Main Street Capital announced a follow-on investment of $40 million in Gamber-Johnson to support its acquisition of Lind Electronic Design Company.

What is the significance of Main Street's investment in Gamber-Johnson?

This investment is significant as it marks Main Street's fifth follow-on investment in Gamber-Johnson since 2016, indicating strong support for the company's growth and acquisition strategy.

Who is Lind Electronic Design Company?

Lind Electronic Design Company is a manufacturer of rugged mobile power solutions, catering to public safety, military, and warehousing industries.

What products does Gamber-Johnson provide?

Gamber-Johnson provides rugged mounting solutions for mobile communication systems, catering to law enforcement, military, and various enterprise applications.