Benzinga | Nov 19, 2021 07:02AM EST

Main Street Reports $22.1M Follow-On Investment In GRT Rubber Technologies

Main Street Capital Corporation (NYSE:MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on investment in an existing portfolio company. Main Street, along with its co-investor, made the investment in GRT Rubber Technologies LLC ("GRT" or the "Company") to support the Company's acquisition of Valley Rubber, L.L.C. ("Valley"), a complementary business in the engineered rubber products industry, significantly expanding the Company's customer base and product offerings. The follow-on investment consists of an additional $22.1 million first lien, senior secured term debt investment.

Headquartered in Paragould, Arkansas, with business origins dating back to 1880, GRT is a leading manufacturer of engineered rubber products, including conveyor belts and sheet rubber products for many applications across a diversified array of end-markets. Over its 100+ year history, the Company has developed strong brands and a reputation for high quality, reliable products and differentiated customer service. This acquisition adds significant value to GRT's existing portfolio of products and services and continues the Company's growth strategy. Additionally, this acquisition provides incremental sales channel and end-market diversification. Main Street made its initial investment in GRT during the fourth quarter of 2014.

Founded in 1967 and headquartered in Falkville, Alabama, Valley is a manufacturer of custom engineered rubber products, including rubber wear liners, truck bed liners, screen media and other rubber products for mining, aggregates, infrastructure and industrial applications. Valley's long-established and well-trusted platform has been a leader in its end-markets and will contribute significant customers and scale to GRT's