Main Street Capital Corporation has committed $27.2 million to The Nearshore Company (TNC) in a first‑lien, senior secured term‑debt and minority‑equity package that will enable TNC to acquire Carmi Companies. The deal provides the combined entity with the capital needed to build a cross‑border manufacturing and logistics platform that serves U.S. customers seeking nearshoring solutions in Mexico and the United States.
The investment structure gives Main Street Capital a secured debt position that ranks first in the capital stack, while the equity stake provides upside participation as the new platform grows. The $27.2 million is split between the debt tranche and the equity portion, aligning Main Street’s interests with the long‑term success of the combined TNC‑Carmi operation.
TNC, founded in 1992 and headquartered in Brownsville, Texas, offers outsourced nearshoring services, including Mexico‑based manufacturing facilities and U.S. warehousing. Carmi Companies, established in 1983 and based in Laredo, Texas, specializes in transportation, logistics, and customs clearance. Together, the companies will deliver end‑to‑end supply‑chain solutions that reduce lead times and mitigate geopolitical risks for U.S. manufacturers.
The transaction fits Main Street Capital’s lower‑middle‑market strategy, which focuses on companies with annual revenues between $10 million and $150 million. In Q3 2025, the firm reported distributable net investment income of $1.03 per share, net investment income of $0.97 per share, and total investment income of $139.8 million, while its net asset value per share reached a record $32.78. The firm also declared a regular monthly dividend of $0.765 per share for Q4 2025, a 4.1 % increase from the prior year. These results demonstrate the firm’s financial strength and its ability to fund new strategic opportunities.
The nearshoring trend—driven by U.S. manufacturers’ desire to shorten supply chains and reduce exposure to overseas disruptions—creates a tailwind for the combined TNC‑Carmi platform. By adding a new service line that complements its existing private‑loan focus, Main Street Capital diversifies its portfolio and positions itself to capture growth in the U.S.–Mexico supply‑chain market.
Overall, the $27.2 million investment strengthens Main Street Capital’s balance sheet, expands its geographic footprint, and aligns with the company’s disciplined investment approach. The deal is expected to generate incremental cash flow and enhance the firm’s ability to support lower‑middle‑market businesses that benefit from nearshoring and cross‑border logistics solutions.
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