Porter Hedges Represents Main Street Capital in Investment of $15 Million for Recapitalization of Batjer
Porter Hedges represented Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) in its recapitalization of Batjer & Associates, LLC and Batjer Service, LLC (collectively, “Batjer”), leading providers of mechanical HVAC and plumbing services for customers in the West Texas market.
Main Street, along with its co-investor, funded $15.1 million in a combination of first lien, senior secured term debt, and a direct equity investment. In addition, Main Street and its co-investor are providing Batjer with a revolving credit facility and delayed draw term loan to support its working capital needs and future growth initiatives.
Main Street is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors.
Founded in 1947 and headquartered in Abilene, Texas, Batjer is a leading provider of mechanical HVAC and plumbing contracting services, including installation, renovation, repair and replacement services for commercial and residential applications.
For additional details, see the Main Street press release here.