Main Street Capital wraps debt/equity deals
Main Street Capital Corp., along with a coinvestor, partnered with Colonial Electric Co.’s owners and senior management team to facilitate an investment of $32.9 million in a combination of first-lien, senior secured term debt and a direct equity investment.
Colonial Electric is provider of electrical contracting services in the mid-Atlantic states and is based in Harwood, Md.
In a separate transaction, Main Street funded $20.6 million in a combination of senior secured term debt and a minority direct equity investment in Grand Flower Growers of Wayland, Mich.
Houston-based Main Street 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.
Buc-ee’s to expand into Kentucky
Buc-ee’s, the Texasbased convenience store chain known for its beaver mascot, is set to break ground this week on a travel center in Richmond, Ky., marking its entry to a new state.
The Richmond location, which will have approximately 120 fueling positions, will offer customer favorites such as Texas barbecue, fudge, kolaches, Beaver nuggets, jerky and pastries. The 53,300-squarefoot facility, set to open in 2022, is part of Bucee’s expansion across the Southeastern U.S.
Buc-ee’s has 38 stores in Texas, two each in Alabama and Florida and one in Georgia. A location in South Carolina is slated to open in 2022.
Southside Bank opens in Uptown
Tyler-based Southside Bank said it had opened a location at 1800 Post Oak Blvd., Suite 300 to primarily serve the commercial loan market in the Houston area.
Southside, which approximately $7.01 billion in assets as of December 31, 2021, has operated a retail branch inside the Kingwood H-E-B grocery store at 19529 Northpark Drive since 2019. Southside currently operates 54 branches and a network of 76 ATMs/ITMs throughout East Texas, Southeast Texas, and the greater Dallas/Fort Worth, Austin and Houston areas.