Main Street Exits Portfolio Investment
Main Street Capital announced it fully exited its investment in American Sensor Technologies, a manufacturer of high performance sensors.
Main Street made its initial investment in AST in May 2005 to support growth initiatives at the company. Main Street’s investment consisted of a $3.0 million senior secured, first lien debt investment with an equity warrant participation for 20% of the fully-diluted equity interests in AST.
Main Street’s debt investment in AST was fully repaid in March 2012; however, Main Street’s warrant position remained outstanding. In September 2014, Main Street realized a gain of approximately $11.0 million on the redemption of its warrant by AST. On a cumulative basis since Main Street made its initial investment in AST in May 2005, Main Street realized an internal rate of return of 25.1% and a 5.5 times money invested return on its investment in AST.