Main Street Capital announced that it recently invested a total of $19.5 million in three existing lower middle-market portfolio companies, including Texas-based PPL RVs.
Main Street’s follow-on investment in PPL was made to support the acquisition of Four Pages, dba RV Swap Shop, which provides PPL operations in Central Florida, and to support the company’s continued growth initiatives.
Founded in 1972, PPL is a provider of used RVs, parts, service and third-party financing from its three Texas dealerships located in Houston, New Braunfels and Cleburne, and its newest location in Summerfield, Florida. The company is the largest consignment RV dealer in the United States and sells RVs on both a consigned and company-owned basis. Main Street originally invested in PPL in June 2010 to support a recapitalization of the company and to provide growth capital. The follow-on investment consisted of an additional first first lien, senior secured term loan of $8 million
Centre Technologies Holdings and Nebraska Vet AcquireCo, dba Heritage Vet Partners, are the other two companies Main Street put further investment into.
