Main Street Capital Investor Day Presentation Deck
Private Loan Case Study - VORTEQ (Lead Loan)
$55.0 Million
November 30, 2021
Senior Secured Credit Facility
Q
VORTEQ
SHADOWBRIAR
CAPITAL PARTNERS
Sole Arranger
MAINST
CAPITAL CORPORATION
Note: Past performance does not guarantee future results
Main Street Capital Corporation
MAIN ST
Transaction Overview
On November 30, 2021, VORTEQ closed a $55.0 million senior secured credit facility
consisting of:
ā
CAPITAL CORPORATION
$5.0 million priority Revolver (undrawn at close and held by TriState Capital)
$50.0 million First Lien Term Loan (the Term Loan)
Main Street served as the sole direct lender and arranger in the acquisition process
At close, Main Street held $26.0 million of the Term Loan and funds managed by Main
Street held $24.0 million of the Term Loan
In conjunction with the Term Loan, Main Street and the funds managed by Main
Street participated in equity co-invest of $1.0 million and $1.0 million, respectively
Main Street allocated $4.8 million of the Term Loan and ~$0.2 million of the equity co-
invest to Private Loan Fund I on the November 30th close
On December 6, 2022, VORTEQ paid off the Main Street credit facility, with the
investment yielding a 12.9% annualized Internal Rate of Return, or IRR, and 1.13x
Multiple on Invested Capital
Main Street and the funds managed by Main Street remain in the equity co-
invest, with the fair value of such equity appreciating in fair value given
VORTEQ's positive operating performance
Company Overview
VORTEQ was founded in 1982 under the name Wismarq, before taking the name VORTEQ in 2017 following the acquisition by Peninsula
Pacific; the Company performs specialty coating of aluminum and steel for customers which primarily operate in the construction, home
improvement, and vehicle industries with a nationwide network of seven coil coating facilities and nine coating lines
The Company has expanded its geographic footprint through the acquisition of new plants including facilities in Woodstock, IL and Rancho
Cucamonga, CA in 2018 and 2019, respectively, as well as a 2022 acquisition of a paint line in Mexico
NYSE: MAIN
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