Invest $ 31.1 million in SI East, LLC to support strategic acquisition and continued growth activities
HOUSTON, August 5, 2022 / PRNewswire / – Main Street Capital Corporation (NYSE: MAIN) (“Main road“) is pleased to announce that it has recently completed a subsequent investment in an existing portfolio company. Main Street has made the subsequent investment in SI East, LLC (“YES East“or the”Agency“) to support the acquisition by Chicago Steel Container Corporation, one of the largest independent producers of new steel drums in the United States, and other ongoing growth activities of the Company. Main Street, together with its co-investor, facilitated the transaction, with Main Street’s subsequent investment consisting of an additional $ 31.1 million first pledge, senior secured term debt investment. This next investment represents Main Street’s second successive investment in the Company, having initially partnered with the Company’s existing owners, the Stavig family, in August 2018.
Based in Charlotte, North Carolinathe Company produces new steel drums from strategically located production facilities a Charlotte, North Carolina And Cleveland, Ohiooperating under two separate legal entities, General Steel Drum, LLC (“GSD“) and North Coast Container, LLC (“NCC“), respectively. GSD and NCC were founded in 1984 and 1983 respectively and each has grown to be an industry-leading supplier of new steel drums in their respective regions. SI East is one of the largest producers of new steel drums in the United States, producing a wide variety of products, including narrow head, open head, high and low density polyethylene plastic inner liners, and uncoated drums among various other offerings. The Stavig family is a long-term and respected participant in the steel drum manufacturing industry, separately owns and operates Myers Container, LLC and Container Management Services, LLC on the west coast, thus providing the industrial packaging businesses of the Stavig family operating independently a national platform.
ABOUT MAIN STREET CAPITAL CORPORATION
Main road (www.mainstcapital.com) is the leading investment firm that primarily provides long-term debt and equity capital to low- to mid-market companies and debt capital to mid-market companies. Main Street’s portfolio investments are typically made to support management acquisitions, recapitalisations, growth loans, refinancing and acquisitions of companies operating in various industrial sectors. Main Street seeks to partner with entrepreneurs, entrepreneurs and management teams and generally provides “one stop” financing alternatives as part of its low to mid market investment strategy. Main Street lower-middle market companies generally have annual revenues between $ 10 million And $ 150 million. Main Street private loans and investments in mid-market debt are made in companies 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 outside parties. MSC Adviser is registered as an investment advisor under the Investment Advisers Act of 1940.
Main Street Capital Corporation
Dwayne L. HyzakCEO, [email protected]
Jesse E. MorrisCFO & COO, [email protected]
Dennard Lascar Investor Relations
Ken Dennard | [email protected]
Zach Vaughan | [email protected]
SOURCE Main Street Capital Corporation