Invests $9.5 Million in Direct Marketing Solutions, Inc. and $6.3 Million in Nebraska Vet AcquireCo, LLC
Main Street Capital Corporation is pleased to announce that it recently completed three new follow-on investments, totaling $15.8 million, in two existing portfolio companies, Direct Marketing Solutions, Inc. (“DMS”) and Nebraska Vet AcquireCo, LLC (dba Heritage Vet Partners, P.C. or “Heritage”).
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Main Street originally invested in DMS in February 2018 in partnership with the DMS management team to facilitate the management led buyout of the company. Main Street, along with a co-investor, provided a portion of the financing necessary to facilitate the transaction, with Main Street funding $27.2 million in a combination of first-lien, senior secured term debt and a direct equity investment. Main Street’s follow-on investment in DMS supported the acquisition of the assets of the Freedom, Pennsylvania direct mail production plant from Mailing Services of Pittsburgh, Inc. (“MSP”), a full-service direct mail marketing company, with the acquisition expanding DMS’s reach to the Eastern part of the United States. The follow-on investment consisted of an additional first lien, senior secured term loan of $9.5 million.
Founded in 1982 and headquartered in Portland, Oregon, DMS is a national, vertically integrated provider of omni-channel direct marketing services, including strategy, creative design, direct mail production, and digital marketing to various end markets including the fintech, banking, telecom, and technology industries.
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Main Street originally invested in Heritage in December 2020 in partnership with Heritage’s existing owners and senior management team to facilitate a minority recapitalization of the company and provide growth capital, with Main Street funding $17.0 million in a combination of first-lien, senior secured term debt and a minority direct equity investment. Main Street also provided Heritage with a revolving line of credit to support its future growth initiatives and working capital needs and a delayed draw term loan to help facilitate the company’s acquisition growth strategy in the mixed-animal veterinary space. Main Street’s follow-on investments in Heritage supported the acquisitions of Ironsides Animal Health PLLC and St. Anna Veterinary Clinic, S.C., two mixed-animal practices that provide veterinary services and products as part of Heritage’s ongoing acquisition growth strategy. The follow-on investments consisted of additional first lien, senior secured term loans totaling $6.3 million.
Founded in 1985 and headquartered in West Point, Nebraska, Heritage is a leading provider of mixed-animal and large animal veterinary services and products to livestock producers and companion animal owners throughout the United States.
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