Main Street Capital Investor Day Presentation Deck
Follow-on Investment Case Studies
Heritage Vet Partners
Company Description
Initial Transaction
Leading provider of veterinary services and
animal health products primarily for livestock
producers throughout the Midwest U.S.
■
Company sought a financial partner that would
assist with its strategic plan and growth initiatives
and provide acquisition expertise
Acquisition Strategy / Rationale
Increased scale to improve buying power and
cost saving benefits, strengthening margins and
profitability
Expand geographic reach
Strengthen competitive position
Completed nine acquisitions from December
2021 through June 2023
■
Minority recapitalization with access to additional
debt financing for future growth
St. Anna
Veterinary
Clinic
CORNERSTONE
VETERINARY SERVICES
$ in millions
■
Representative Acquisitions
▪ Traditional vet practice evenly split between
product and service sales
Immediately allowed for increased product
sales to existing customers, improving cost
of goods sold and profitability
▪ Products-focused practice with pre-existing
distributor relationships
Increased buying power with distributors,
expanded product offering and expanded
geographical coverage
Initial Capital Invested and Subsequent Investments (¹)
■
$17.0
$6.5
$10.5
$20.6 million, or
121%, of Additional
Invested Capital
Initial Invested Capital
(1) Includes the total debt and equity invested through March 31, 2023, including MAIN and funds managed by the External Investment Manager
Main Street Capital Corporation
NYSE: MAIN
MAIN ST
■Debt
CAPITAL CORPORATION
Equity
$37.6
$7.0
$30.6
Total Invested Capital
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