Digital Products International Receives $35 Million Investment

Digital Products International Receives
$35 Million Investment

St. Louis Business Journal
April 12, 2018

Main Street Capital Corp. (NYSE: MAIN), an investment firm based in Houston, has invested $35.2 million in St. Louis-based electronics maker Digital Products International Inc.

The portfolio investment will help recapitalize DPI, according to a statement by the company. Main Street Capital and a co-investor teamed up with DPI to complete the transaction. The $35.2 million in funding includes first-lien, senior secured debt and a direct equity investment.

Main Street Capital declined to comment on the investment.

DPI is a consumer electronics maker that provides its products under a host of proprietary brands and private labels. The company’s brands include GPX, iLive, iLive Platinum, Culinair, Zeki, SkyRider, Gran Prix, Amped Wireless and Memorex (CE). Products sold by DPI include Bluetooth and Wi-Fi devices, smartphone accessories and drones. DPI’s consumer electronics are sold to retailers, e-commerce platforms and home shopping networks.

DPI was previously known as GPX, the brand name of one of the company’s products. A New Jersey-based private equity firm* bought the company in 2004 and DPI was later acquired by its management, according to the company’s website.

Main Street Capital, a public company, provides long-term debt and equity capital to lower middle-market companies that have annual revenue between $10 million and $150 million. It also offers debt capital to middle-market companies.

*Synergy Enterprises, LLC

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The global consumer electronics market is expected to grow to $1.5 trillion by 2024, according to research firm Global Market Insights.