PRESS RELEASE
Elgin Industries Partners with Main Street Capital Corp. to Fund
Long-Term Growth Strategy
Elgin, IL…Elgin Industries, a leading U.S.-based manufacturer of engine and chassis components, today announced that it has partnered with Main Street Capital Corporation (NYSE: MAIN) to help fund the Company’s long-term growth strategy.
Main Street, which has acquired an equity position in Elgin, is a leading principal investment firm that partners with entrepreneurs, business owners and management teams operating in diverse industry sectors. Through this strategic investment, Elgin has gained capital to further leverage advanced engineering and manufacturing technologies to serve the evolving needs of original equipment and aftermarket customers worldwide.
Founded in 1919 by Martin Skok, an apprentice mechanic who had traveled alone to the U.S. from Czechoslovakia at the age of nine, Elgin has grown from a single-line manufacturer to a fully integrated, broad-line supplier of components installed by automotive and commercial vehicle OEMs, production engine remanufacturers, machine shops, fleet maintenance businesses, technicians, and performance enthusiasts. Now led by the third generation of the Skok family, the company is headquartered in Elgin, Ill., just a few miles from its original plant.
“This is an exciting time for our family and every member of our team,” said Elgin Industries President and CEO Bill Skok. “We are proud to have attracted a partner that has an impressive record of achievement in multiple markets. This relationship reaffirms our commitment to leadership in every product category we serve.”
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 companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that 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.
About Elgin Industries
Elgin Industries is a Tier One supplier of original equipment engine and chassis components to organizations such as Fiat Chrysler, Deere & Company, Ford, General Motors, Harley-Davidson, Mack, and Navistar. Elgin has earned dozens of quality awards and received certificates of registration to the IATF16949:2016 Quality Management System and ISO 14001:2015 and ISO 9001:2015. It also has achieved Ford Q1 Quality Certification. To learn more about Elgin please call 1-800-323-6764, email sales@elginind.com and visit www.elginind.com.
