Main Street Invests in Grand Flower Growers

Main Street Capital has made a minority investment in Grand Flower Growers (GSG), a grower and distributor of plants and flowers.

GFG products includes annuals, mums, poinsettias, perennials and other floral arrangements. The company supplies its products to Home Depot garden centers in the greater Chicago metropolitan area.

GFG was founded in 1999 and operates three greenhouses with a combined 700,000 sq. ft. near Grand Rapids in Wayland, Michigan. The business also sources additional products that are grown under contract with third parties with a total of 1,000,000 sq. ft. of greenhouse space.

Main Street partnered with the company’s existing owners and senior management team on this investment. Main Street provided $20.6 million in capital through a combination of a senior secured term loan and an equity investment.

Houston-based Main Street Capital (NYSE: MAIN) provides long-term debt and equity capital to middle-market and lower middle-market companies in that generally have annual revenues ranging from $10 million to $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.

© 2021 Private Equity Professional | April 9, 2021

Print Friendly, PDF & Email