Main Street Capital Pumps in $8.9 Million into T-Rex
Main Street Capital Corporation (NYSE: MAIN) announced that it recently closed a new portfolio investment totaling $8.9 million of invested capital in Hydro Ex Acquisition, LLC, the parent company of Texas ReExcavation, LC. Main Street's investment consists of $6.0 million in second lien, secured term debt and a $2.9 million direct equity investment.
Founded in 2001, T-Rex is headquartered in Houston, Texas and has three additional offices throughout Texas including Dallas, Odessa, and San Antonio. T-Rex provides hydro excavation and vacuum excavation services for a variety of industry sectors, including the petrochemical, pipeline, municipal, utilities, construction, oil & gas, engineering, transportation, telecommunication, and environmental industries. Main Street partnered with third party investors and certain members of T-Rex's management team to support the acquisition of T-Rex.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's 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 portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.