Main Street Announces New Portfolio Investment Invests $14.6 Million in Johnson Downie, LLC

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Main Street Capital Corporation (NYSE: MAIN) announced a new investment of $14.6 million in Johnson Downie, LLC, specializing in lateral partner placements for law firms in Texas. This financing supports the minority recapitalization of the company, enhancing its operational capabilities. Founded in 2006, Johnson Downie has successfully placed over 700 law firm partners across Texas and assisted in launching over 21 law firm offices. Main Street aims to partner with companies like Johnson Downie to facilitate growth in the lower middle market.

Positive

• Investment of $14.6 million supports minority recapitalization of Johnson Downie.
• Johnson Downie has a strong track record with over 700 partner placements and 21 law firm launches.

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• None.

HOUSTON, Dec. 16, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to provide growth capital financing and facilitate the minority recapitalization of Johnson Downie, LLC ("Johnson Downie" or the "Company"), a provider of lateral partner placements to law firms across Texas. Main Street, along with its co-investor, partnered with the Company's existing owner and management team to facilitate the transaction, with Main Street funding $14.6 million in a combination of first-lien, senior secured term debt and a direct minority equity investment.  

Founded in 2006 and based in Houston, Johnson Downie specializes in retained partner-level attorney recruiting engagements. Over the past decade, Johnson Downie has assisted with the launching of over 21 law firm offices and placed more than 700 law firm partners in Texas.

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-new-portfolio-investment-invests-14-6-million-in-johnson-downie-llc-301446167.html

SOURCE Main Street Capital Corporation

FAQ

What investment did Main Street Capital make in December 2021?

Main Street Capital invested $14.6 million in Johnson Downie, LLC for growth capital financing.

What does Johnson Downie, LLC specialize in?

Johnson Downie specializes in lateral partner placements for law firms across Texas.

How many law firm partners has Johnson Downie placed?

Johnson Downie has successfully placed over 700 law firm partners in Texas.

What type of firm is Main Street Capital Corporation?

Main Street Capital is a principal investment firm primarily focused on lower middle market companies.