Main Street Capital completed a new portfolio investment to facilitate the minority recapitalization of Superior Rigging & Erecting, a provider of rigging, steel erection, and crane and equipment rental services throughout the southeastern United States. Main Street partnered with the company’s management team to facilitate the transaction, with Main Street funding $26 million in a combination of first-lien, senior secured term debt and a direct equity investment. In addition, Main Street is providing Superior with access to additional term debt to facilitate its future growth needs.
Superior was founded in 1952 and is headquartered in Atlanta. The company offers crane, forklift, tractor trailer and accessory equipment rental in addition to a variety of services, including structural steel erection, specialized rigging, millwrighting, turnkey plant services, heavy transport and warehousing.
Main Street Capital 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.