PR Newswire
Invests $36.9 Million in Nello Industries Investco, LLC
Generates $10.4 Million Realized Gain From the Partial Exit of Investments in a Lower Middle Market Portfolio Company
HOUSTON, June 11, 2024 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $36.9 million to facilitate the management led buyout of Nello Industries, LLC ("Nello" or the "Company"), a manufacturer of engineered poles and towers for electric utility, telecommunications and other related wireless and electric transmission infrastructure applications. Main Street, along with its co-investor, partnered with the Company's founding management team to facilitate the management led buyout, with Main Street's investment including a combination of first lien, senior secured term debt and a direct equity investment. In addition, Main Street and its co-investor provided the Company with a revolving line of credit, a portion of which was funded on the closing date, to support the Company's future growth initiatives and working capital needs and expects to provide additional growth capital in the future to help facilitate the Company's growth strategy.
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