Main Street announces follow-on investment

Main Street announces follow-on investment

Invests $31.1 million at SI East, LLC to support strategic acquisitions and ongoing growth activities

HOUSTON, August 5, 2022 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN ) (“main Street“) is pleased to announce that it recently completed a follow-on investment in an existing portfolio company. Main Street made the follow-on investment in SI East, LLC (“NE East” or “Company“) to facilitate the Company’s acquisition of Chicago Steel Container Corporation, one of the largest independent new producers of steel drums in United Statesand other ongoing company growth activities. Main Street, along with its co-investor, facilitated the transaction, with Main Street’s subsequent investment consisting of an additional $31.1 million first lien, senior secured debt investment. This follow-on investment represents Main Street’s second follow-on investment in the Company, having initially partnered with the Company’s existing owners, the Stavig family, in August 2018.

Headquarters in Charlotte, North Carolinathe company manufactures new steel barrels from strategically located production facilities in Charlotte, North Carolina and Cleveland, Ohiooperating under two separate legal entities, General Steel Drum, LLC (“GSD“) and North Coast Container, LLC (“NCC“), respectively. GSD and NCC were founded in 1984 and 1983, respectively, and have each grown to become industry-leading suppliers of new steel barrels in their respective regions. SI East is one of the largest manufacturers of new steel barrels in United States, producing a wide variety of products including tight head, open head, inner lined, high and low density polyethylene plastic liners and unlined barrels among various other offerings. The Stavig family is a long-standing and respected player in the steel drum industry, separately owning and operating Myers Container, LLC and Container Management Services, LLC on the West Coast, thereby providing the Stavig family’s independently operated industrial packaging businesses with national platform.


Main Street ( is a major investment intermediary that primarily provides long-term debt and equity to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made in support of management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in a variety of industry sectors. 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. Lower middle market Main Street companies typically have annual revenues between 10 million dollars and 150 million dollars. Main Street’s private equity and middle market debt investments are made in businesses that are typically larger in size than the lower middle market portfolio companies.

Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.

Main Street Capital Corporation
Dwayne L. HyzakCEO, [email protected]
Jesse E. MorrisCFO and COO, [email protected]

Denard Lascar Investor Relations
Ken Dennard | [email protected]
Zach Vaughn | [email protected]

SOURCE Main Street Capital Corporation

Leave a Comment

Your email address will not be published.