Based in Houston, Pinnacle serves as a manufacturer and distributor specialising in commercial can liners, polyethylene bags, produce bags, and related products, which are mainly utilised in the convenience store, quick-service restaurant, and janitorial services sectors
Main Street Capital completes $43.2m portfolio investment for recapitalisation of Pinnacle. (Credit: Tumisu from Pixabay)
Main Street Capital has revealed the completion of a new portfolio investment totalling $43.2m to support the recapitalisation of Pinnacle Plastics and Integrity Plastics (together referred to as Pinnacle).
Based in Houston, Texas, Pinnacle operates as a manufacturer and distributor specialising in commercial can liners, polyethylene bags, produce bags, and related products. These items are primarily utilised in the convenience store, quick-service restaurant, and janitorial services sectors.
Main Street Capital, in collaboration with its co-investor, joined forces with the current owners and management team of Pinnacle to orchestrate the recapitalisation.
The investment of Main Street Capital encompasses a blend of first lien, senior secured term debt, and a direct equity investment.
Furthermore, Main Street Capital and its co-investor extended a revolving line of credit to the packaging company, aiming to bolster Pinnacle’s prospective growth initiatives and meet its working capital requirements.
Main Street Capital serves as a primary investment firm, predominantly offering long-term debt and equity capital to lower middle-market companies, along with providing debt capital to middle-market companies.
Its typical portfolio investments involve providing support for various corporate activities, including management buyouts, recapitalisations, growth financings, refinancings, and acquisitions. These activities span across diverse industry sectors.