February 10, 2017
Birmingham, Michigan, February 10, 2017 – Quarton International is pleased to announce that NuStep, Inc. (“NuStep” or the “Company”) has completed a majority recapitalization with Main Street Capital Corporation (“Main Street”). NuStep is a leading manufacturer of recumbent cross trainers tailored to help users – regardless of health, age, weight or ability – to exercise, rehabilitate and improve their well-being.
NuStep’s products and accessories are ergonomically designed to optimize user inclusivity and accommodate an industry leading range of conditions and needs. NuStep’s products are found in a wide variety of wellness settings, including cardiac rehabilitation and physical therapy clinics, senior living communities, hospitals and medical and community fitness centers. The Company also sells products directly to individuals for home use. The Company manufactures all of its products at its manufacturing facilities in Ann Arbor, Michigan, and sells its products throughout the United States and across a wide variety of international markets.
Quarton International acted as the exclusive financial advisor to NuStep in connection with the transaction.
NuStep, Inc. is a leading manufacturer of innovative and inclusive recumbent cross trainers. The company was established with the goal of transforming lives by encouraging people of virtually all ages and all fitness levels, including those rehabilitating from an injury or illness, to get the exercise they need to lead healthier, happier lives. NuStep has been designing, manufacturing and assembling its products in Ann Arbor, Michigan since 1995.
Main Street Capital Corporation is a Houston-based principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market portfolio. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies. Main Street’s common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “MAIN.”