Main Street Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Main Street Capital has acquired 20 companies. It has also invested in 4 others.

Main Street Capital’s most common sectors for investment are business services (9%) and manufacturing (9%). The Firm’s most common investment types include recapitalization (34%) and growth capital (28%). In total, Main Street Capital has invested in 31 US states. Its largest (disclosed) acquisition occurred in 2018 when it acquired California Splendor for $41M.

In the last 3 years, Main Street Capital has exited 13 companies. The Firm’s most common exit type is trade sale (48%). Main Street Capital’s largest (disclosed) exit occurred in 2017 when it sold Compact Power Equipment Centers for $265M.

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M&A Summary

  • M&A Total Activity150
    • M&A Buy Activity112
    • M&A Sell Activity38
  • Total Sectors Invested 40
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 43

Main Street Capital Corp.

1300 Post Oak Boulevard, Suite 800,
Houston, Texas 77056
United States
(713) 350-6000
www.mainstcapital.com

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Automotive, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Food, Forest Products, Furniture, Healthcare Services, Information Technology, Insurance, Machinery, Manufacturing, Marketing, Metals/Mining, Restaurants, Retail, Software, Staffing, Transportation, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 10 150
Target EBITDA 3 20
Investment Size 5 75
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (6.2/yr) # 81 7 6 11 5 2 112
vol $62M $5M $41M $25M $132M
Sell (3.6/yr) # 20 5 4 4 4 1 38
vol $176M $265M $5M $446M
  150

Most Recent M&A

Company Date Value Type
IDX LLC 2020-06-24 - Add-on Acquisition
Eugene, Oregon · www.idxbroker.com
Coastal Television Broadcasting Co. 2020-06-11 - Acquisition Financing
Anchorage, Alaska · www.youralaskalink.com
NinjaTrader Group LLC 2020-01-06 - Growth Capital
Denver, Colorado · www.ninjatrader.com
J & J Services, Inc. 2019-11-06 25M USD Recapitalization
Nashville, Tennessee · www.jandjservices.com
Analytical Applied Solutions LLC 2019-08-27 - Recapitalization
Houston, Texas · www.liquidgasanalyzers.com
Lamb Ventures LLC 2019-07-11 - Secondary Buyout
Austin, Texas · www.lambstire.com
Trantech Radiator Products, Inc. 2019-06-05 - Secondary Buyout
Edgefield, South Carolina · www.trantechradiators.com
CompareNetworks, Inc. 2019-02-06 - Buyout (LBO, MBO, MBI)
South San Francisco, California · www.comparenetworks.com
Boss Industries, Inc. 2019-02-05 - Secondary Buyout
LaPorte, Indiana · www.bossair.com
SYNEO LLC 2019-02-05 - Buyout (LBO, MBO, MBI)
West Palm Beach, Florida · www.syneoco.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hawk Ridge Systems LLC 2016-12-07 Quest Integration 2020-09-09 4
Oakland, California · www.hawkridgesys.com Post Falls, Idaho · www.qintegration.com
Coastal Television Broadcasting Co. 2020-06-11 Wyoming Media Group 2020-06-11 1
Anchorage, Alaska · www.youralaskalink.com Casper, Wyoming
CAI Software LLC 2014-10-15 Robocom Systems International 2020-06-08 2
Smithfield, Rhode Island · www.caisoft.com Farmingdale, New York · www.robocom.com
Hawk Ridge Systems LLC 2016-12-07 Parsons Technology, Inc. 2019-04-23 3
Oakland, California · www.hawkridgesys.com Bennington, Nebraska · www.parsons-technology.com
SI EAST LLC 2018-09-06 General Steel Drum LLC 2018-09-06 1
Wilmington, Delaware Charlotte, North Carolina · www.generalsteeldrum.com
Hawk Ridge Systems LLC 2016-12-07 Cimtronics Midwest, Inc. 2018-05-08 2
Oakland, California · www.hawkridgesys.com Brillion, Wisconsin · www.cimtronics-midwest.com
Hawk Ridge Systems LLC 2016-12-07 Symmetry Solutions 2017-10-17 1
Oakland, California · www.hawkridgesys.com Brooklyn Park, Minnesota · www.symsolutions.com
CAI Software LLC 2014-10-15 MultiProcess Computer Corp. 2017-06-07 1
Smithfield, Rhode Island · www.caisoft.com Windham, New Hampshire · www.multiprocess.com
Gulf Publishing Co. 2016-05-03 Oildom Publishing Company of Texas, Inc. 2017-05-01 1
Houston,, Texas · www.gulfpub.com Houston, Texas · www.oildompublishing.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (8%) 5M (4%) 10 (9%) 5M (4%)
Manufacturing 8 (12%) - 10 (9%) -
Software 6 (9%) - 9 (8%) -
Machinery 4 (6%) - 7 (6%) -
Energy Services and Equipment 4 (6%) - 6 (5%) -
Building Materials 4 (6%) - 4 (4%) -
Distribution 1 (2%) - 4 (4%) -
Information Technology 2 (3%) - 4 (4%) -
Retail 2 (3%) - 4 (4%) -
Transportation 2 (3%) 41M (37%) 3 (3%) 41M (31%)
Medical Products 1 (2%) - 3 (3%) 16M (12%)
Communications - - 3 (3%) -
Consumer Products 2 (3%) - 3 (3%) -
Electrical Equipment 1 (2%) - 3 (3%) -
Financial Services 2 (3%) - 3 (3%) -
Internet Software and Services 2 (3%) - 3 (3%) -
Restaurants 2 (3%) - 3 (3%) -
Food 2 (3%) 41M (36%) 2 (2%) 41M (31%)
Chemicals 1 (2%) - 2 (2%) -
Education 1 (2%) - 2 (2%) -
Electronics 1 (2%) - 2 (2%) -
Forest Products 2 (3%) - 2 (2%) -
Media 2 (3%) - 2 (2%) -
Staffing 1 (2%) - 2 (2%) -
Environmental 1 (2%) 25M (22%) 1 (1%) 25M (19%)
Aerospace - - 1 (1%) 5M (4%)
Airlines - - 1 (1%) -
Automotive - - 1 (1%) -
Construction - - 1 (1%) -
Digital Media - - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Services - - 1 (1%) -
Insurance - - 1 (1%) -
Marine 1 (2%) - 1 (1%) -
Marketing 1 (2%) - 1 (1%) -
Oil/Gas Exploration 1 (2%) - 1 (1%) -
Packaging - - 1 (1%) -
Publishing 1 (2%) - 1 (1%) -
Real Estate 1 (2%) - 1 (1%) -
Total 65 $111M 112 $132M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 65 (100%) 111M (100%) 112 (100%) 132M (100%)
  Texas 23 (35%) 5M (4%) 38 (34%) 10M (8%)
  California 6 (9%) 41M (36%) 9 (8%) 41M (31%)
  Colorado 2 (3%) - 9 (8%) -
  Arizona 3 (5%) - 5 (4%) -
  Oregon 3 (5%) - 4 (4%) -
  Tennessee 2 (3%) 25M (22%) 4 (4%) 25M (19%)
  Louisiana 1 (2%) - 4 (4%) -
  Wisconsin 2 (3%) - 3 (3%) -
  South Carolina 2 (3%) - 3 (3%) -
  Indiana 2 (3%) - 3 (3%) -
  Ohio 1 (2%) 25M (23%) 3 (3%) 25M (19%)
  New York 2 (3%) - 2 (2%) -
  Idaho 2 (3%) - 2 (2%) -
  New Jersey 1 (2%) - 2 (2%) -
  Nevada 1 (2%) - 2 (2%) -
  Kansas 1 (2%) - 2 (2%) -
  Illinois 1 (2%) - 2 (2%) -
  Florida - - 2 (2%) -
  Connecticut 1 (2%) 16M (14%) 1 (1%) 16M (12%)
  Delaware 1 (2%) - 1 (1%) -
  Arkansas 1 (2%) - 1 (1%) -
  Alaska 1 (2%) - 1 (1%) -
  Rhode Island 1 (2%) - 1 (1%) -
  Missouri 1 (2%) - 1 (1%) -
  Minnesota 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Massachusetts 1 (2%) - 1 (1%) -
  Kentucky 1 (2%) - 1 (1%) -
  Georgia - - 1 (1%) 16M (12%)
  Utah - - 1 (1%) -
  New Mexico - - 1 (1%) -
Total 65 $111M 112 $132M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Recapitalization 31 (48%) 71M (64%) 37 (33%) 71M (61%)
Growth Capital 12 (18%) - 31 (28%) -
Buyout (LBO, MBO, MBI) 13 (20%) 41M (36%) 30 (27%) 46M (39%)
Secondary Buyout 7 (11%) - 9 (8%) -
Acquisition Financing 1 (2%) - 2 (2%) -
Divestiture 1 (2%) - 1 (1%) -
PIPE - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 65 $111M 112 $116M

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (29%) 165M (37%)
Trade Sale 10 (26%) -
Trade Sale - Public Company 8 (21%) 276M (62%)
Unknown 4 (11%) 5M (1%)
IPO 2 (5%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Sold to Management 1 (3%) -
Total 38 $446M

Deal Values

buy # Total
< $100M 7 $132M
TOTAL $132M
Largest California Splendor, Inc.
$41M (2018-04-03)
sell # Total
$100M to $1B 2 $430M
< $100M 2 $16M
TOTAL $446M
Largest Compact Power Equipment Centers LLC
$265M (2017-07-06)

M&A Connections

Deals %
Acquired from
PE Firm(s)
93%
13 93%
Strategic(s)
7%
1 7%
Exited to
PE Firm(s)
50%
19 50%
Strategic(s)
50%
19 50%

Investor Summary

Size

Large

PE Assets

3.0B USD

Established

1997

Specialist/Generalist

Generalist

Leadership

Vincent Foster

Executive Chairman

Dwayne Hyzak

CEO & Member of Board

David Magdol

President & CIO

Curtis Hartman

Vice Chairman, CCO & Senior Managing Director

Brent Smith

CFO & Treasurer

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