Main Mezzanine spins out as Pride Capital

Main Capital Partners and Pride Capital Partners will now operate independently. 

A spokesperson for Pride told Unquote the rebranding will help both the private equity and the mezzanine firms to have a clearer profile, and to avoid any issues related to possible conflicts of interest.

The mezzanine provider has a new name but the team and the strategy remain largely unchanged. Pride will provide mezzanine loans with a minimum size of €2m to ICT companies based in the Benelux and DACH regions. Businesses will need to have at least 20 employees, generate revenues of €3m or more, be EBITDA-positive and have multiple shareholders.

Main Capital started its mezzanine activity in 2014 via its Main Mezzanine Capital division, to provide mezzanine loans to ICT and software companies in order to finance growth, acquisitions and management buyouts. Since inception, the mezzanine business has provided approximately €50m in loans divided between 20 companies, realised eight exits, expanded into the German market and launched its first mezzanine fund in the summer of 2018. 

The vehicle, with a €100m target, held a first close in Q3 last year and is yet to announce a final close. Pride Capital has already received around €60m in commitments from family offices and high-net-worth individuals based mostly in the Netherlands, as well as the European Investment Fund (EIF), Unquote understands. A spokesperson for Pride confirmed that Main Capital will not invest in Pride's fund.

Prior to the raising of the fund, Main Mezzanine was investing from a capital pool of around €50m, made up of commitments from Main Capital and a small group of external LPs.

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