Nasdaq-quoted Main Street Capital Corporation completed three new portfolio investments in Indianapolis Aviation Partners, LLC (IAP), Thermal & Mechanical Equipment, LLC (TMEC), and Compact Power Equipment Centers, LLC.
In details, the Houston, TX.-based Main Street provided IAP with debt and equity financing in connection with the acquisition of a Fixed Base Operation located at the Indianapolis International Airport.
Main Street’s $3.3m new portfolio investment in IAP consists of a first lien, secured debt investment with equity warrant participation and a direct preferred equity investment. Its fully diluted equity interest in IAP, which provides various aviation support services, including fueling, storage, and numerous ground services to general aviation, fractional fleet and commercial customers, is approximately 18%.
The $5.0m investment in TMEC, a designer, distributor and representative for manufacturers which specializes in heat transfer, filtration equipment and related services, consists of a first lien, secured debt investment and a direct common equity investment.
Main Street’s fully diluted equity interest in TMEC is 30%.
The initial commitment in Compact Power, a light to medium duty equipment rental operation that owns and operates outdoor equipment rental locations, is represented by a $1.8m first lien, secured debt investment with equity participation representing approximately 7% of the fully diluted equity interests in the company.