Invests $11.2
Million in Recapitalization of MoneyThumb, Inc.
HOUSTON, Aug. 29,
2024 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that it
recently completed a new portfolio investment totaling $11.2 million to facilitate the
majority recapitalization of MoneyThumb, Inc. ("MoneyThumb" or
the "Company"), a leading software-as-a-service provider of
financial file conversion, reconciliation and analysis software to
end customers primarily in the merchant cash advance ("MCA") and
accounting industries. Main Street, along with its co-investor,
partnered with Iron Creek Partners, LLC, the majority equity
investor in the recapitalization transaction and a sector-focused
private investment firm that Main Street has partnered with on
several prior investments, and MoneyThumb's founder and senior
management team to facilitate the transaction. Main Street's
portion of the funding for the recapitalization was a total of
$11.2 million and included a
combination of first lien, senior secured debt with equity warrant
participation and a direct minority equity investment.
Founded in 2014 and headquartered in Encinitas, California, MoneyThumb supports its
MCA customers primarily through a set of document automation
products that read and analyze an applicant's bank statements as
part of the customers' MCA underwriting processes, facilitating
faster and more accurate underwriting decisions. MoneyThumb also
provides a proprietary fraud detection product,
Thumbprint, which helps its customers detect fraudulent or
fabricated source documents. The Company's accounting and
bookkeeping customers most frequently use MoneyThumb for standard
document conversion. The Company is also expanding its product
offerings into adjacent segments including the small to medium
business lending industry.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street
(www.mainstcapital.com) 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. 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
portfolio companies generally have annual revenues between
$10 million and $150 million. Main Street's middle market
portfolio companies are generally larger in size than its 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, as amended.
Contacts:
Main Street Capital
Corporation
Dwayne L.
Hyzak, CEO,
dhyzak@mainstcapital.com
Ryan R. Nelson, CFO & Treasurer,
rnelson@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken
Dennard | ken@dennardlascar.com
Zach Vaughan
| zvaughan@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation
