Elgin Industries, a leading U.S.-based manufacturer of engine and chassis components, today announced that it has partnered with Main Street Capital Corporation (NYSE: MAIN) to help fund the Company’s long-term growth strategy.
Main Street, which has acquired an equity position in Elgin, is a leading principal investment firm that partners with entrepreneurs, business owners and management teams operating in diverse industry sectors. Through this strategic investment, Elgin has gained capital to further leverage advanced engineering and manufacturing technologies to serve the evolving needs of original equipment and aftermarket customers worldwide.
Founded in 1919 by Martin Skok, an apprentice mechanic who had traveled alone to the U.S. from Czechoslovakia at the age of nine, Elgin has grown from a single-line manufacturer to a fully integrated, broad-line supplier of components installed by automotive and commercial vehicle OEMs, production engine remanufacturers, machine shops, fleet maintenance businesses, technicians, and performance enthusiasts. Now led by the third generation of the Skok family, the company is headquartered in Elgin, Ill., just a few miles from its original plant.
“This is an exciting time for our family and every member of our team,” said Elgin Industries President and CEO Bill Skok. “We are proud to have attracted a partner that has an impressive record of achievement in multiple markets. This relationship reaffirms our commitment to leadership in every product category we serve.”