Main Street Announces New Portfolio Investment

Rhea-AI Summary

Main Street Capital (NYSE: MAIN) has announced a new portfolio investment of $41.4 million in Connect Telecommunications Solutions Inc. This investment facilitates a minority recapitalization of Connect, a leading distributor of fiber management solutions to the Canadian telecommunications industry.

The investment includes a combination of first-lien, senior secured term debt and a direct equity investment. Main Street partnered with Connect's founders and a co-investor for this transaction.

Founded in 1999 and based in Kitchener, Ontario, Connect is a prominent supplier of outside the plant fiber management solutions. The company offers a wide range of products, including:

• Vaults
• Cabinets
• Pedestals
• Various fiber connectivity solutions

This investment demonstrates Main Street's commitment to supporting established businesses in the telecommunications sector.

Invests $41.4 Million in Connect Telecommunications Solutions Inc.

HOUSTON, Oct. 16, 2024 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $41.4 million to facilitate the minority recapitalization of Connect Telecommunications Solutions Inc. ("Connect" or the "Company"), a leading value-added distributor of fiber management solutions to the Canadian telecommunications industry. Main Street, along with its co-investor, partnered with the Company's founders to facilitate the transaction, with Main Street's investment including a combination of first-lien, senior secured term debt and a direct equity investment.

Founded in 1999 and headquartered in Kitchener, Ontario, Connect is a leading supplier of outside the plant fiber management solutions to the Canadian telecommunications industry. Connect offers a comprehensive range of products to its clients, including vaults, cabinets, pedestals and various fiber connectivity solutions. 

ABOUT MAIN STREET CAPITAL CORPORATION

Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing alternatives within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

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
Ryan R. Nelson, CFO, rnelson@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-new-portfolio-investment-302276285.html

SOURCE Main Street Capital Corporation

FAQ

What is the value of Main Street's new investment in Connect Telecommunications Solutions?

Main Street Capital (NYSE: MAIN) invested $41.4 million in Connect Telecommunications Solutions Inc.

What type of company is Connect Telecommunications Solutions?

Connect Telecommunications Solutions is a leading value-added distributor of fiber management solutions to the Canadian telecommunications industry, founded in 1999 and headquartered in Kitchener, Ontario.

What does Main Street's investment in Connect Telecommunications Solutions include?

Main Street's investment includes a combination of first-lien, senior secured term debt and a direct equity investment.

What products does Connect Telecommunications Solutions offer?

Connect offers a comprehensive range of products including vaults, cabinets, pedestals, and various fiber connectivity solutions for outside the plant fiber management.

When did Main Street (NYSE: MAIN) announce this new portfolio investment?

Main Street Capital announced this new portfolio investment on October 16, 2024.