Houston-based
Main Street Capital Corp. has made a $42.5 million investment in
Doral Corp., a Milwaukee-based specialty contractor.
The investment was made in support of a “minority recapitalization” of Doral, according to a Thursday announcement from Main Street.
Main Street typically provides long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund.
Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies.
"Main Street partnered with (Doral's) existing owner to facilitate the transaction, with Main Street funding $42.5 million in a combination of first lien, senior secured term debt and a direct equity investment," according to the announcement.
Doral was founded in 1966 as
Industrial Erecting. The company offers its customers warehousing options, equipment rentals, steel fabrication and material handling installation, and conveyor design and installation.
As part of the 2022 Future 50 program, which recognizes the fastest-growing private companies in southeastern Wisconsin, Doral was
named the #1 fastest-growing. At that time the company was also the subject of a BizTimes Milwaukee
cover story.
At that time, the Doral had hired 100 full-time employees with plans to add another 50 to 100 positions. The company had grown to more than $100 million in sales.
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