Main Street Capital Helps Recapitalize Superior Rigging & Erecting Co.
Main Street Capital Corp. recently completed a new portfolio investment to facilitate the minority recapitalization of Superior Rigging & Erecting Co., a provider of rigging, steel erection and crane and equipment rental services throughout the southeastern United States. Main Street partnered with the company’s management team to facilitate the transaction, with Main Street funding $26 million in a combination of first-lien, senior secured term debt and a direct equity investment. Also, Main Street is providing Superior with access to access to additional term debt to facilitate its future growth needs.
Superior was founded in 1952 and based in Atlanta. The company provides rigging, steel erection and crane and equipment rental services. Superior offers crane, forklift, tractor trailer and accessory equipment rental in addition to services such as structural steel erection, specialized rigging, millwrighting, turnkey plant services, heavy transport and warehousing. It has a large fleet of cranes, forklifts and other peripheral equipment for contract or rental.
Main Street is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies, generally with annual revenues between $10 million and $150 million.
Superior Rigging & Erecting Co.’s 30-acre site in Atlanta includes a large storage yard and 92,000 square feet of warehouse space, allowing the company to store oversized or “weather-sensitive” equipment. It also uses the space as staging areas for upcoming projects, so it can quickly load and deliver products directly to the job site.
Twenty thousand square feet of the facility is dedicated to shop fabrication and production of steel columns, beams, trusses, girders joists, and decking, as well as one-of-a-kind structures. Superior produces a wide variety of smaller iron, stainless steel, and aluminum project items such as stairs, railings, and cable trays, its website says.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.