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Main Street Capital Invests $51.7MM in Bolder Panther Group

January 11, 2021, 07:48 AM
Filed Under: Retail

Main Street Capital Corporation completed a new portfolio investment to facilitate the minority recapitalization of Bolder Panther Group, LLC (the "Company" or "Smoker Friendly"), one of the largest retailers of tobacco products in the United States. Main Street partnered with the Company's senior management team and other existing shareholders to facilitate the transaction, with Main Street funding $51.7 million in a combination of first-lien, senior secured term debt and a direct preferred equity investment. Main Street is also providing the Company with a revolving line of credit to support its working capital needs and has agreed to make a delayed draw term loan available to the Company to assist with its acquisition growth strategy.

The Company operates over 160 retail stores across seven states which operate as tobacco stores, cigar lounges, liquor stores, and gas stations. The Company also owns a private-label tobacco line that has an additional 700+ stores that sell its branded products.

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