Elgin Industries, Inc. has partnered with Main Street Capital
THE TRANSACTION
On October 3, 2022, Elgin Industries, Inc. (“Elgin”), a leading manufacturer and distributor of high-quality engine and chassis components to the automotive and commercial truck aftermarkets and to OEM customers in the automotive, commercial vehicle, agriculture and other industrial markets, announced that it has partnered with Main Street Capital (NYSE: MAIN) (“Main Street”), a publicly-traded principal investment firm that provides long-term debt and equity capital to lower middle market companies.
Elgin combines vertically integrated manufacturing capabilities on its top product lines with a network of high-quality sourcing partners to provide a comprehensive set of engine and chassis products to its customers. The Company’s unique mix of aftermarket and OEM exposure, sophisticated technical and manufacturing capabilities, and portfolio of strong brands position it for future value creation.
Elgin and Main Street share a long-term outlook and an eagerness to execute on the Company’s compelling growth opportunities. The investment from Main Street positions Elgin to continue to develop best-in-class products, accelerate growth with new customers and sales channels, and strengthen relationships with its customers, suppliers, and dedicated employees.
Donnelly Penman & Partners acted as the exclusive investment banking advisor and Taft Stettinius & Hollister LLP served as legal advisor to Elgin.
Our Client
ELGIN INDUSTRIES, INC.
Elgin is a leading manufacturer and distributor of high-quality engine and chassis components to the automotive and commercial truck aftermarkets and to OEM customers in the automotive, commercial vehicle, agriculture, construction, and power generation markets. Founded in 1919 as a one-man, single-product enterprise, Elgin has since evolved into a fully integrated manufacturer and distributor of mission critical engine and chassis components, including pushrods, king pins, valve train and timing components, and suspension and chassis components. From its earliest days to the Company’s current position as a global supplier to premier OE and aftermarket customers, Elgin has growth through the same relentless focus on quality, innovation, and performance. For more information visit www.elginind.com.
Transaction Partner
MAIN STREET CAPITAL
Main Street Capital Corporation 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 seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market investment strategy. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's private loan and middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies. For more information, please go to www.mainstcapital.com.
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