ARLINGTON, Va.--(BUSINESS WIRE)--MCG Capital Corporation (Nasdaq: MCGC) (“MCG”) today announced the closing of a $13.0 million subordinated term loan investment in Huron, Inc. (“Huron”).
Huron is a Michigan based specialty manufacturer of tubular assemblies and precision machined components to the automotive industry. Founded 70 years ago, Huron has established itself as a market leader in developing value-added engine and transmission components with an impressive record of quality, innovation and service. www.huroninc.com
MCG’s investment is made in conjunction with the acquisition of Huron by Trive Capital, an operationally focused private equity firm located in Dallas, TX. “MCG is thrilled to partner with both Trive and Huron on this transaction,” remarked Jordan Walter, Vice President of MCG. “We believe that Trive’s experience in the automotive sector combined with the strength of Huron’s management team and complex tubular product capabilities position the company well to grow as engine designs evolve to meet future efficiency standards.”
“We have a long-term relationship with the MCG Capital team and are always impressed with MCG’s professionalism and responsiveness. We look forward to having MCG as a partner to help fuel Huron’s continued success going forward," said Blake Bonner, Vice President at Trive.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
About Trive Capital
Trive Capital is a Dallas, TX-based private equity firm focused on acquiring strategically viable, under-resourced middle-market companies with the potential for transformational upside. Trive utilizes proven operational best practices and identifies actionable opportunities that allow businesses, shareholders and employees to realize their full long-term potential. www.trivecapital.com
Forward-looking Statements:
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including management’s belief that Trive’s experience and the strength of Huron’s management team and complex tubular product capabilities, position Huron for growth, as well as those risks, uncertainties and factors referred to in MCG’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission under the section “Risk Factors,” as well as other documents that may be filed by MCG from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. MCG is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.