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Main Street Capital Invests $51.7MM in Bolder Panther Group
January 11, 2021, 07:48 AM
Main Street Capital Corporation completed a new portfolio investment to facilitate the minority recapitalization of Bolder Panther Group, LLC (the Company or Smoker Friendly ), one of the largest retailers of tobacco products in the United States. Main Street partnered with the Company s senior management team and other existing shareholders to facilitate the transaction, with Main Street funding $51.7 million in a combination of first-lien, senior secured term debt and a direct preferred equity investment. Main Street is also providing the Company with a revolving line of credit to support its working capital needs and has agreed to make a delayed draw term loan available to the Company to assist with its acquisition growth strategy.
Smoker Friendly Receives $51M Funding Boost to Grow Operations
BOULDER, Colo. Smoker Friendly is poised for more growth as its holding company, Bolder Panther Group LLC, completes a minority recapitalization and debt restructure with Main Street Capital Corp.
In the transaction, Main Street funded $51.7 million in a combination of first-lien, senior secured term debt and a direct preferred equity investment. Smoker Friendly continues to be owned and operated by the Gallagher family and led by the current management team.
Main Street is also providing the company with a revolving line of credit to support its working capital needs and has agreed to make a delayed draw term loan available to the company to assist with its acquisition growth strategy.