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Main Street Announces Quality Lease & Rental Investment

January 10, 2013, 07:31 AM

Main Street Capital Corporation recently closed two transactions, including a new portfolio investment and the partial exit of an existing portfolio investment.

The new portfolio investment includes $40.5 million of invested capital in Quality Lease and Rental Holdings, the parent company of Quality Lease Service and Quality Lease Rental Service (together, Quality). Main Street's investment consists of $38 million in senior, secured term debt in Quality and a $2.5 million direct equity investment in Quality's parent holding company. Founded in 1989, Quality is headquartered in El Campo, TX and provides drill site services and equipment rentals to the upstream oil & gas industry. Quality provides high quality, custom built mobile housing units to be used at the well site during drilling and completion operations. Quality also provides a variety of other services at the well site, including pad, pit, and road construction, pipeline and flow line equipment installation, equipment rental and heavy hauling. Main Street partnered with third party investors and certain members of Quality's management team to support the acquisition of Quality.

Main Street also completed the partial exit of its equity investment in IRTH Holdings and its wholly owned subsidiary irth Solutions, Inc., a leading provider of asset management solutions to the utility and energy industries , as part of a majority recapitalization of irth Solutions by a private equity investment group and irth Solution's management team.

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