Main Street makes follow-on $40.0M investment in Gulf Manufacturing

Main Street recently completed a follow-on investment in an existing portfolio company. Main Street made the investment in Gulf Manufacturing to support the company’s acquisition of Maass Global Group, a manufacturer and distributior of flanges and specialty forged products, forged bar, seamless pipe, and fittings in duplex, stainless steel, and high nickel alloys. Main Street’s follow-on investment consists of a $40.0M first lien, senior secured term debt investment. Main Street also provided GMI with a revolving line of credit to support the company’s future growth initiatives and working capital needs. As a result of the acquisition, a new parent holding company, Gulf Manufacturing Holdings, was formed to own GMI and Maass. Founded in 1984 and located in Humble, Texas, GMI is a manufacturer and supplier of fittings, flanges, and specialty products for the oil and gas industry. With existing manufacturing and distribution locations in Humble, TX and Broussard, LA, GMI serves customers throughout the U.S. Main Street has been invested in GMI since 2007. Post-transaction, the combined company will operate globally with manufacturing and distribution operations in the U.S., Europe and Asia.