Main Tape completes recapitalization
Calvert Street Capital Partners ("Calvert Street"), a lower middle market investment firm, and Main Tape Company, Inc. (“Main Tape” or the “Company”), a New Jersey-based manufacturer of surface protection and graphics solutions, announced today the completion of a dividend recapitalization transaction. Bank of Montreal provided the financing to support the transaction through an amendment to an existing lending facility. Proceeds from the recapitalization were used to fund a dividend to the Company’s shareholders, which represented a return of more than 60% of the original invested capital.
Based in Cranbury, New Jersey, Main Tape produces temporary surface protection tapes, graphics tapes and other related products. Main Tape’s manufacturing processes involve tailored formulations processing of both acrylic emulsion and rubber-based adhesives, high-speed wide-web coating of plastic and paper and converting to exact customer specifications. Through its surface protection and graphics segments, Main Tape serves a diverse array of industries including metals, plastics, electronics, construction, automotive and signage.