Main Street Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Main Street Capital has acquired 12 companies. It has also invested in 2 others.

Main Street Capital’s most common sectors for investment arebusiness services (9%) and manufacturing (9%) . The Firm’s most common investment types include recapitalization (37%) and buyout (lbo, mbo, mbi) (26%). 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 3 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 Activity164
    • M&A Buy Activity124
    • M&A Sell Activity40
  • Total Sectors Invested 39
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 42

Main Street Capital Corp.

1300 Post Oak Boulevard, Suite 800,
Houston, Texas 77056
United States
(713) 350-6000
www.mainstcapital.com
info@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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (3.8/yr) # 105 5 3 6 5 - 124
vol $108M $25M $33M $165M
Sell (1.4/yr) # 33 4 3 - - - 40
vol $446M $446M
  164

Most Recent M&A

Company Date Value Type
World Micro Components LLC 2022-12-20 - Recapitalization
Roswell, Georgia · www.worldmicro.com
MetalForming, Inc. 2022-10-27 - Recapitalization
Peachtree City, Georgia · www.metalforming-usa.com
Artifact Uprising LLC 2022-07-07 - Recapitalization
Denver, Colorado · www.artifactuprising.com
Jorgensen Laboratories LLC 2022-03-31 - Recapitalization
Loveland, Colorado · www.jorvet.com
Robbins Brothers Jewelry, Inc. 2022-01-13 - Secondary Buyout
Azusa, California · www.robbinsbrothers.com
Credential Check Corp. 2021-12-03 - Buyout (LBO, MBO, MBI)
Troy, Michigan · www.credentialcheck.com
Midwest Backgrounds, Inc. 2021-12-03 - Recapitalization
Herrin, Illinois · www.mbiworldwide.com
Verified Credentials, Inc. 2021-12-03 - Recapitalization
Lakeville, Minnesota · www.verifiedcredentials.com
Sonic Systems International, Inc. 2021-09-15 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.ssi-group.net
Grand Flower Growers LLC 2021-04-07 - Recapitalization
Wayland, Michigan · www.grandflowergrowers.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Hawk Ridge Systems LLC 2016-12-07 Adaptive Corporation - Additive Manufacturing Technology 2021-09-14 8
Oakland, California · www.hawkridgesys.com Hudson, Ohio
CAI Software LLC 2014-10-15 Robocom Systems International 2020-06-08 6
Smithfield, Rhode Island · www.caisoft.com Farmingdale, New York · www.robocom.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 6 (8%) 38M (26%) 11 (9%) 38M (23%)
Manufacturing 8 (11%) - 10 (8%) -
Software 5 (7%) - 9 (7%) -
Energy Services and Equipment 5 (7%) - 7 (6%) -
Machinery 4 (5%) - 7 (6%) -
Consumer Products 5 (7%) - 6 (5%) -
Distribution 3 (4%) - 6 (5%) -
Retail 3 (4%) - 5 (4%) -
Staffing 4 (5%) - 5 (4%) -
Medical Products 2 (3%) - 4 (3%) 16M (10%)
Building Materials 3 (4%) - 4 (3%) -
Information Technology 2 (3%) - 4 (3%) -
Transportation 2 (3%) 41M (28%) 3 (2%) 41M (25%)
Communications - - 3 (2%) -
Electrical Equipment 1 (1%) - 3 (2%) -
Financial Services 2 (3%) - 3 (2%) -
Internet Software and Services 2 (3%) - 3 (2%) -
Restaurants 3 (4%) - 3 (2%) -
Food 2 (3%) 41M (28%) 2 (2%) 41M (25%)
Chemicals 1 (1%) - 2 (2%) -
Education 1 (1%) - 2 (2%) -
Electronics 1 (1%) - 2 (2%) -
Forest Products 1 (1%) - 2 (2%) -
Marketing 1 (1%) - 2 (2%) -
Media 1 (1%) - 2 (2%) -
Environmental 1 (1%) 25M (17%) 1 (1%) 25M (15%)
Aerospace - - 1 (1%) 5M (3%)
Airlines - - 1 (1%) -
Automotive - - 1 (1%) -
Construction - - 1 (1%) -
Furniture - - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Services - - 1 (1%) -
Insurance - - 1 (1%) -
Marine 1 (1%) - 1 (1%) -
Oil/Gas Exploration 1 (1%) - 1 (1%) -
Packaging - - 1 (1%) -
Publishing 1 (1%) - 1 (1%) -
Real Estate 1 (1%) - 1 (1%) -
Total 73 $144M 124 $165M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 73 (100%) 144M (100%) 124 (100%) 165M (100%)
  Texas 23 (32%) 5M (3%) 40 (32%) 10M (6%)
  Colorado 4 (5%) - 12 (10%) -
  California 7 (10%) 41M (28%) 10 (8%) 41M (25%)
  Arizona 3 (4%) - 5 (4%) -
  Tennessee 3 (4%) 25M (17%) 4 (3%) 25M (15%)
  Oregon 2 (3%) - 4 (3%) -
  Louisiana 1 (1%) - 4 (3%) -
  Michigan 3 (4%) - 3 (2%) -
  Georgia 2 (3%) - 3 (2%) 16M (10%)
  Indiana 2 (3%) - 3 (2%) -
  Illinois 2 (3%) - 3 (2%) -
  Wisconsin 2 (3%) - 3 (2%) -
  South Carolina 2 (3%) - 3 (2%) -
  Ohio 1 (1%) 25M (17%) 3 (2%) 25M (15%)
  Idaho 2 (3%) - 2 (2%) -
  New York 2 (3%) - 2 (2%) -
  Minnesota 2 (3%) - 2 (2%) -
  Kansas 1 (1%) - 2 (2%) -
  New Jersey 1 (1%) - 2 (2%) -
  Nevada 1 (1%) - 2 (2%) -
  Florida - - 2 (2%) -
  Maryland 1 (1%) 33M (23%) 1 (1%) 33M (20%)
  Connecticut 1 (1%) 16M (11%) 1 (1%) 16M (10%)
  Delaware 1 (1%) - 1 (1%) -
  Arkansas 1 (1%) - 1 (1%) -
  Rhode Island 1 (1%) - 1 (1%) -
  Missouri 1 (1%) - 1 (1%) -
  Massachusetts 1 (1%) - 1 (1%) -
  Kentucky - - 1 (1%) -
  Alaska - - 1 (1%) -
  Utah - - 1 (1%) -
Total 73 $144M 124 $165M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Recapitalization 37 (51%) 103M (72%) 45 (36%) 103M (69%)
Buyout (LBO, MBO, MBI) 16 (22%) 41M (28%) 32 (26%) 46M (31%)
Growth Capital 10 (14%) - 31 (25%) -
Secondary Buyout 9 (12%) - 11 (9%) -
Acquisition Financing - - 2 (2%) -
Divestiture 1 (1%) - 1 (1%) -
PIPE - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Total 73 $144M 124 $149M

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (30%) 165M (37%)
Trade Sale 11 (28%) -
Trade Sale - Public Company 8 (20%) 276M (62%)
Unknown 4 (10%) 5M (1%)
IPO 2 (5%) -
Merger 1 (3%) -
Recapitalization 1 (3%) -
Sold to Management 1 (3%) -
Total 40 $446M

Deal Values

buy # Total
< $100M 8 $165M
TOTAL $165M
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
Investor(s)
10%
12 (10%)
Strategic(s)
1%
1 (1%)
Exited to
Investor(s)
33%
13 (33%)
Strategic(s)
50%
20 (50%)

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