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Main Street Capital Completes $34.3MM Investment in Elgin Industries

October 26, 2022, 07:15 AM
Filed Under: Automotive

Main Street Capital completed a new portfolio investment to facilitate the recapitalization of Elgin Industries, Inc., a fully integrated supplier of engine and chassis components to original equipment manufacturers and the aftermarket. Main Street, along with its co-investors, partnered with the Company’s existing owners and management team to facilitate the transaction, with Main Street funding $34.3 million in a combination of first lien, senior secured term debt and a direct equity investment. Main Street and one of its co-investors also provided Elgin with a revolving line of credit to support the Company’s future growth initiatives and working capital needs.

Founded in 1919 and headquartered in Elgin, Illinois, Elgin is a Tier 1 supplier of engine and chassis components to leading global engine, equipment and vehicle manufacturers. The company also offers an extensive range of replacement components and kits for aftermarket customers worldwide. With over 45,000 SKU offerings, the Company provides a wide array of parts and solutions to its diverse customer base. For over 100 years, Elgin has supplied key engine and chassis components for a variety of vehicular equipment spanning the automotive and commercial vehicle aftermarkets and original equipment manufacturers in the automotive, commercial vehicle, powersport and industrial equipment markets.

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