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.
