Main Street Capital Corp., a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies, recently completed a recapitalization with LoneStar Marine Shelters of Galveston, Texas, which specializes in the fabrication of all types of offshore buildings, helidecks and marine outfitting.
Main Street Capital partnered with LoneStar Marine Shelters’ management team to facilitate the recapitalization of the company and support its future growth. The transaction included a $14 million investment in LoneStar Marine Shelters by Main Street Capital — an investment in first lien, senior secured debt and a direct equity investment.
IVS Investment Banking served as an adviser to LoneStar Marine Shelters during the transaction. IVS Investment Banking offers complete investment banking services to assist in buying, selling or growing companies. IVS Investment Banking has the knowledge and experience necessary to complete a number of investment banking services including management buyouts, and seller and buyer side transactions.
“We were interested in a recapitalization but only within very focused parameters and goals,” said Jim Hayes, principal, LoneStar Marine Shelters. “We interviewed other firms that weren’t sure if a deal could be done to meet our needs.
“IVS didn’t waste our time. They understood our needs and introduced us to a select group of energy-focused private equity investors. Given our narrow scope and a short timeline to perform, IVS delivered!”
No other investment banking group in the energy market has IVS Investment Banking’s broad and deep access to the range of both strategic and financial investors. The investment company’s relationship to strategic investors stems from its sister company BIC Alliance. BIC has provided marketing, training and consulting, and executive recruiting services to these markets for 30 years. IVS Investment Banking’s relationship with financial investors comes from its managing director’s Wall Street experience financing leveraged buyouts. This “dual path” of strategic and financial investors the company runs is one of the distinguishing elements of IVS Investment Banking’s process.
LoneStar Marine Shelters is an experienced ISO 9001 certified custom marine building fabricator specializing in high blast rated and high fire rated buildings for the offshore oil and gas industry. Offering professional experience and expertise, the company has been designing and fabricating living quarters (marine accommodations), electrical buildings, control rooms, maintenance workshops, and various other marine shelters and helidecks (helipads) for the past 17 years.
LoneStar Marine Shelters’ fabrication facility sits on 28 acres of waterfront property with 100 feet of bulkhead rated for 1,800 tons and a water depth of 15 feet. The covered fabricating facilities consist of 85,000 square feet of production area, serviced by six 10-ton overhead cranes and 5,000 square feet of offices. The yard is completely stabilized, fenced and manned 24/7 to ensure security for customer-supplied equipment or materials. The facilities have ample water and electrical service to allow for complete set up, testing and commissioning of all projects before shipment.
To support the fabrication facilities, the offices house all of the technical support required to enable LoneStar Marine Shelters to complete any sized project from the design phase through final commissioning.