Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment totaling $74.4 million to facilitate a majority recapitalization of Victory Energy Operations ("Victory" or the "Company"), a leading designer and manufacturer of industrial and commercial combustion, heat-transfer and steam production solutions for a diverse group of industries. Main Street, along with its co-investor, partnered with Victory's founder and management team to facilitate the majority recapitalization and to buyout an institutional investor. Main Street's investment in the Company included a combination of first-lien, senior secured term debt and a direct equity investment.
Founded in 1999 and headquartered in Collinsville, Oklahoma, Victory is a vertically integrated manufacturer of a wide product solutions portfolio, ranging from engineered firetube and watertube boilers and burners to heat recovery steam generators and high temperature hot water heaters. As part of the Company's customer commitment, Victory provides extensive aftermarket customer support services, including installation, commissioning and maintenance services, spare parts, burner and economizer retrofits and boiler fleet rental solutions. Victory equipment operates worldwide across a diverse and extensive group of industry sectors, including chemical, pulp & paper, food & beverage, bio-renewables, agriculture, education, healthcare, aviation and utility industries.