Main Street Announces New Portfolio Investment

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Main Street Capital Corporation (MAIN) has invested $24.7 million in Compass Systems & Sales, LLC to facilitate the recapitalization of the leading provider of end-to-end material handling systems. The investment includes a combination of first lien, senior secured term debt and a direct equity investment. Compass, founded in 1998 and headquartered in Barberton, Ohio, offers a wide range of material handling solutions and has established itself as a market leader in pneumatic and mechanical conveyance solutions.

Invests $24.7 Million in Compass Systems & Sales, LLC

HOUSTON, Nov. 28, 2023 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the recapitalization of Compass Systems & Sales, LLC ("Compass" or the "Company"), a leading provider of end-to-end material handling systems employing innovative, custom-engineered solutions integrated with traditional conveyance systems. Main Street, along with its co-investor, partnered with the Company's existing owner and senior management team to facilitate the transaction, with Main Street funding $24.7 million in a combination of first lien, senior secured term debt and a direct equity investment.

Founded in 1998 and headquartered in Barberton, Ohio, Compass (https://compasssystems.com) offers a broad range of material handling solutions including shredding, sorting, weighing and conveying complemented by the Company's design, fabrication, installation, service and support capabilities. Compass has developed unmatched expertise in pneumatic conveyance systems and has entrenched its position as a market leader with complete offerings of pneumatic and mechanical conveyance solutions.

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

 

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SOURCE Main Street Capital Corporation

FAQ

What is the recent investment made by Main Street Capital Corporation (MAIN)?

Main Street Capital Corporation (MAIN) has invested $24.7 million in Compass Systems & Sales, LLC to facilitate the recapitalization of the leading provider of end-to-end material handling systems.

What type of investment was made by Main Street Capital Corporation (MAIN)?

The investment includes a combination of first lien, senior secured term debt and a direct equity investment.

What are the material handling solutions offered by Compass Systems & Sales, LLC?

Compass offers a broad range of material handling solutions including shredding, sorting, weighing, and conveying complemented by the Company's design, fabrication, installation, service, and support capabilities.

Where is Compass Systems & Sales, LLC headquartered?

Compass is headquartered in Barberton, Ohio.

When was Compass Systems & Sales, LLC founded?

Compass was founded in 1998.