HMS Income Fund Adds Direct Investment to Portfolio

HMS Income Fund, a publicly registered, non-traded business development company sponsored by Hines, announced a direct co-investment to recapitalize M.H. Corbin Inc., a manufacturer and distributor of highway safety and traffic management products.

HMS’s investment in M.H. Corbin, which represented $5 million out of a total $25 million in invested capital, included a combination of first-lien, senior secured term debt and a direct equity investment. HMS and Main Street partnered with the company’s founders and other members of management to facilitate the recapitalization.

Founded and headquartered in Plain City, Ohio, the company manufactures highway advisory radios, portable traffic analyzers, distance measurement instruments, fiberglass noise barriers and flashing beacons. It also distributes intelligent traffic devices, traffic safety equipment, impact attenuation products and road weather information systems.

HMS is sponsored by Hines, an international investment management firm, with the primary investment objective to generate current income through debt and equity investments in private middle market and lower-middle market U.S. companies. Its secondary objective is to generate long-term capital appreciation through such investments. As of June 30, 2015, the company had raised approximately $474.0 million, including proceeds from the distribution reinvestment plan of approximately $11.9 million. HMS is managed by HMS Adviser LP and is sub-advised by a wholly owned subsidiary of Main Street Capital Corporation (NYSE: MAIN), a publicly traded business development company.