Main Street Announces Follow-On Portfolio Investment

Invests $66.0 Million in Recapitalization of Flame King Holdings, LLC

HOUSTON, July 2, 2025 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a follow-on portfolio investment to facilitate the minority recapitalization of its existing portfolio company, Flame King Holdings, LLC ("Flame King" or the "Company"), a leading supplier of propane storage solutions and accessories. Main Street funded $66.0 million of first-lien, senior secured term debt to complete the recapitalization and also provided Flame King with a revolving line of credit to support the Company's ongoing growth initiatives and working capital needs. Main Street initially invested in Flame King in October 2021.

Founded in 1998 and headquartered in Commerce, California, Flame King (www.flamekingproducts.com) is a leading supplier of propane storage solutions and accessories. The Company serves a diverse customer base, selling its products through retailers, propane tank exchangers, RV OEMs, and eCommerce platforms to recreational, commercial and industrial customers. Flame King offers a complete line of steel and aluminum propane cylinders, including refrigerant, buffer, and forklift cylinders, available in sizes ranging from 1 lb. to 420 lbs., designed for a wide range of residential, recreational, and industrial applications.

ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized 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 that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing alternatives within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R. Nelson, CFO, rnelson@mainstcapital.com               
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com  
Zach Vaughan | zvaughan@dennardlascar.com
713-529-6600

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SOURCE Main Street Capital Corporation