Main Street exits investments in Travis Acquisition
Main Street Capital is pleased to announce that it recently fully exited its debt and equity investments in Travis Acquisition LLC, the parent company of Travis Body and Trailer, upon the successful sale of Travis to a private equity-backed strategic acquirer. Main Street realized a gain of approximately $17.9M on the exit of its equity investment in Travis, and on a cumulative basis since Main Street's initial investment in Travis in August of 2013, Main Street realized a total internal rate of return of 56.7% and a 3.9 times money invested return on its equity investment in Travis. The exit of Main Street's equity investment in Travis represents realized value of $4.6M above Main Street's fair market value of its equity investment as of June 30, 2016. Main Street's initial investment in Travis consisted of a $9.2M first lien, senior secured debt investment and a $7.1M direct equity investment. On a cumulative basis including both Main Street's debt and equity investments in Travis, Main Street realized a total internal rate of return of 42.1% and a 2.9 times money invested return.