Main Street Announces Follow-On Investments
Summary
This follow-on investment was made to support an additional recapitalization and consists of an additional first lien, senior secured term loan of $4.0 million and represents Main Streets sixth follow-on investment in Pearl Meyer.SI East is one of the largest producers of new steel drums in the United States with manufacturing facilities in Charlotte, North Carolina, Cleveland, Ohio, and Chicago, Illinois. Main Street, along with a co-investor, originally invested in SI East in 2018, partnering with the companys existing owners, the Stavig Family, to facilitate an acquisition. This follow-on investment was made to support an additional recapitalization and consists of an additional first lien, senior secured term loan of $13.1 million and represents Main Streets third follow-on investment in SI East.SlickText is a leading provider of Application-to-Person software solutions that deliver marketing and customer engagement tools via a software-as-a-service application offering a versatile, feature-rich platform that can be used by a wide variety of industries and organizations to efficiently market and communicate with customers and other parties through automated text messaging within the United States and Canada. Main Streets 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.