Invests $74.4
Million in Recapitalization of Victory Energy
Operations
HOUSTON, Oct. 8, 2024
/PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main
Street") is pleased to announce that it recently completed a new
portfolio investment totaling $74.4
million to facilitate a majority recapitalization of Victory
Energy Operations ("Victory" or the "Company"), a leading designer
and manufacturer of industrial and commercial combustion,
heat-transfer and steam production solutions for a diverse group of
industries. Main Street, along with its co-investor, partnered with
Victory's founder and management team to facilitate the majority
recapitalization and to buyout an institutional investor. Main
Street's investment in the Company included a combination of
first-lien, senior secured term debt and a direct equity
investment.
Founded in 1999 and headquartered in Collinsville, Oklahoma, Victory is a
vertically integrated manufacturer of a wide product solutions
portfolio, ranging from engineered firetube and watertube boilers
and burners to heat recovery steam generators and high temperature
hot water heaters. As part of the Company's customer commitment,
Victory provides extensive aftermarket customer support services,
including installation, commissioning and maintenance services,
spare parts, burner and economizer retrofits and boiler fleet
rental solutions. Victory equipment operates worldwide across a
diverse and extensive group of industry sectors, including
chemical, pulp & paper, food & beverage, bio-renewables,
agriculture, education, healthcare, aviation and utility
industries.
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
portfolio companies generally have annual revenues between
$10 million and $150 million. Main Street's middle market
portfolio companies 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
Ryan R. Nelson, CFO & Treasurer,
rnelson@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