HMS Income Fund, a publicly registered non-traded business development company sponsored by Hines, announced two direct co-investments totaling $22.7 million.
The first investment represented $19.2 million out of a total $48 million in invested capital in a leading full-service restaurant company that offers a variety of authentic Italian foods. HMS’s investment included a combination of first-lien, senior secured term debt and a direct equity investment. The company, headquartered in the Southeast, has multiple company owned locations located throughout the United States and various franchised locations globally.
The second investment represented $3.5 million out of a total $17.4 million in invested capital in HW Temps LLC. HMS’s investment in HW included a first-lien, senior secured term debt investment and a preferred equity investment. HMS and Main Street partnered to facilitate a recapitalization of HW and to support their growth initiatives. In addition, HMS and Main Street are providing HW an undrawn revolving credit facility to support its future growth initiatives and working capital needs.
Headquartered in South Easton, MA and founded in 1980, HW provides temporary staffing and related services primarily to employers in the light industrial, manufacturing, and distribution industries. HW operates in nine states through 14 branch offices and 10 onsite locations across the northeast and southern U.S.
HMS is a publicly registered, non-listed business development company sponsored by Hines, an international investment management firm. The primary investment objective of HMS is to generate current income through debt and equity investments in private middle market and lower middle market US companies.