Golub Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Golub Capital has acquired 16 companies. It has also invested in 1 other.

Golub Capital’s most common sectors for investment are healthcare services (16%) and medical products (13%). The Firm’s most common investment types include secondary buyout (40%) and buyout (lbo, mbo, mbi) (25%). In total, Golub Capital has invested in 25 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired E2open Parent Holdings for $273M.

In the last 3 years, Golub Capital has exited 12 companies. The Firm’s most common exit type is secondary buyout (52%). Golub Capital’s largest (disclosed) exit occurred in 2019 when it sold Internet Pipeline for $1.6B.

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M&A Summary

  • M&A Total Activity87
    • M&A Buy Activity63
    • M&A Sell Activity24
  • Total Sectors Invested 26
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 55

Golub Capital

150 South Wacker Drive, Suite 800,
Chicago, Illinois 60606
United States
(312) 205- 5050
www.golubcapital.com

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


Investment Criteria

Sectors of Interest: Aerospace, Beverages, Business Services, Consumer Products, Consumer Services, Defense, Distribution, Financial Services, Food, Healthcare Services, Information Technology, Manufacturing, Media, Medical Products, Restaurants, Safety/Security, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 4 -
Investment Size 5 75
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (3.4/yr) # 46 1 8 5 1 2 63
vol $340M $340M
Sell (2.8/yr) # 11 2 2 3 1 6 25
vol $100M $500M $1.6B $700M $2.9B
  88

Most Recent M&A

Company Date Value Type
Freddy’s Frozen Custard & Steakburgers 2021-03-03 - Buyout (LBO, MBO, MBI)
Wichita, Kansas · www.freddysusa.com
DTLR, Inc. 2021-02-01 - Add-on Acquisition
Hanover, Maryland · www.dtlr.com
Centrify Corp. 2021-01-28 - Secondary Buyout
Santa Clara, California · www.centrify.com
Pet Supplies Plus LLC 2021-01-25 700M USD Add-on Acquisition
Livonia, Michigan · www.petsuppliesplus.com
Groundworks LLC 2021-01-17 - Recapitalization
Virginia Beach, Virginia · www.groundworkscompanies.com
Statlab Medical Products, Inc. 2021-01-12 - Secondary Buyout
McKinney, Texas · www.statlab.com
Jonathan Engineered Solutions, Inc. 2021-01-04 - Secondary Buyout
Irvine, California · www.jonathanengr.com
Tropical Smoothie Cafe LLC 2020-09-08 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.tropicalsmoothiecafe.com
TransAxle LLC 2020-01-07 - Secondary Buyout
Cinnaminson, New Jersey · www.transaxle.com
Calero Software LLC 2019-11-19 - Recapitalization
Rochester, New York · www.calero.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Collagen Matrix, Inc. 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 1
Oakland, New Jersey · www.collagenmatrix.com Schlieren, Switzerland · www.degradablesolutions.com
Aptean, Inc. 2012-08-07 Modula Gesellschaft fur digitale Transformation mbH 2020-12-01 31
Atlanta, Georgia · www.aptean.com Ettlingen, Germany · www.modul-a.com
Calero Software LLC 2019-11-19 Market Data Services Ltd. 2019-11-19 1
Rochester, New York · www.calero.com Tunbridge Wells, United Kingdom · www.mdsl.com
Aptean, Inc. 2012-08-07 LINKFRESH Software Ltd. 2019-10-15 30
Atlanta, Georgia · www.aptean.com Cambridge, United Kingdom · www.linkfresh.com
Agility Recovery Solutions, Inc. 2001-01-01 Preparis, Inc. 2019-02-27 4
Charlotte, North Carolina · www.agilityrecovery.com Atlanta, Georgia · www.preparis.com
SureWerx, Inc. 2018-11-02 Kimberly-Clark Professional - Jackson Safety & Wilson Safety Brands 2018-12-20 4
Coquitlam, British Columbia · www.jetgroupbrands.com Roswell, Georgia
Agility Recovery Solutions, Inc. 2001-01-01 Rentsys Recovery Services, Inc. - Workspace Recovery Business Unit 2018-12-11 3
Charlotte, North Carolina · www.agilityrecovery.com College Station, Texas
Aptean, Inc. 2012-08-07 Aptean, Inc. - Vertical Business Applications Group 2018-10-30 2
Atlanta, Georgia · www.aptean.com Atlanta, Georgia
Aptean, Inc. 2012-08-07 Influence Health, Inc. - Connect Segment 2017-12-05 29
Atlanta, Georgia · www.aptean.com Birmingham, Alabama
Aptean, Inc. 2012-08-07 irms|360 Enterprise 2017-02-22 28
Atlanta, Georgia · www.aptean.com Oakbrook Terrace, Illinois · www.irms360.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 9 (24%) - 10 (15%) -
Medical Products 4 (11%) - 8 (12%) -
Retail 3 (8%) - 6 (9%) -
Software 3 (8%) - 4 (6%) 273M (80%)
Aerospace - - 3 (5%) 25M (7%)
Business Services 3 (8%) - 3 (5%) -
Consumer Services 2 (5%) - 3 (5%) -
Internet Software and Services 1 (3%) - 3 (5%) -
Restaurants 2 (5%) - 3 (5%) -
Beverages 1 (3%) - 2 (3%) -
Building Materials 2 (5%) - 2 (3%) -
Franchising 1 (3%) - 2 (3%) -
Information Technology - - 2 (3%) -
Leisure 1 (3%) - 2 (3%) -
Safety/Security - - 1 (2%) 42M (12%)
Chemicals 1 (3%) - 1 (2%) -
Construction 1 (3%) - 1 (2%) -
Distribution - - 1 (2%) -
Education 1 (3%) - 1 (2%) -
Electrical Equipment 1 (3%) - 1 (2%) -
Electronics - - 1 (2%) -
Environmental 1 (3%) - 1 (2%) -
Food - - 1 (2%) -
Machinery - - 1 (2%) -
Manufacturing - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Total 37 - 65 $340M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 34 (94%) - 62 (97%) 340M (100%)
  California 4 (11%) - 8 (13%) 273M (80%)
  Florida 5 (14%) - 5 (8%) -
  Illinois 3 (8%) - 5 (8%) -
  Georgia 3 (8%) - 4 (6%) -
  Pennsylvania 2 (6%) - 4 (6%) -
  Virginia 2 (6%) - 3 (5%) -
  Massachusetts 2 (6%) - 3 (5%) -
  Ohio 1 (3%) - 3 (5%) -
  New Jersey 1 (3%) - 3 (5%) -
  Connecticut - - 3 (5%) 25M (7%)
  Minnesota 1 (3%) - 2 (3%) 42M (12%)
  Kansas 1 (3%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) -
  New York 1 (3%) - 2 (3%) -
  Maryland 1 (3%) - 2 (3%) -
  Oregon - - 2 (3%) -
  Maine 1 (3%) - 1 (2%) -
  Kentucky 1 (3%) - 1 (2%) -
  Colorado 1 (3%) - 1 (2%) -
  Arizona 1 (3%) - 1 (2%) -
  Wisconsin 1 (3%) - 1 (2%) -
  Utah 1 (3%) - 1 (2%) -
  Texas - - 1 (2%) -
  Nevada - - 1 (2%) -
  Michigan - - 1 (2%) -
United Kingdom 1 (3%) - 1 (2%) -
Canada 1 (3%) - 1 (2%) -
  British Columbia 1 (3%) - 1 (2%) -
Domestic 34 (94%) - 62 (97%) 340M (100%)
Cross-border 2 (6%) - 2 (3%) -
Total 36 - 64 $340M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 18 (49%) - 26 (40%) 42M (12%)
Buyout (LBO, MBO, MBI) 6 (16%) - 16 (25%) -
Recapitalization 7 (19%) - 10 (15%) -
Growth Capital 2 (5%) - 5 (8%) -
Going Private 1 (3%) - 2 (3%) 273M (80%)
Consolidation 1 (3%) - 2 (3%) -
Divestiture 1 (3%) - 2 (3%) -
Acquisition Financing - - 1 (2%) 25M (7%)
Stake Purchase 1 (3%) - 1 (2%) -
Total 37 - 65 $340M

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (52%) -
Trade Sale - Public Company 6 (24%) 2.8B (97%)
Trade Sale 3 (12%) 100M (3%)
IPO 1 (4%) -
Recapitalization 1 (4%) -
SPAC 1 (4%) -
Total 25 $2.9B

Deal Values

buy # Total
$100M to $1B 1 $273M
< $100M 2 $67M
TOTAL $340M
Largest E2open Parent Holdings, Inc.
$273M (2015-03-26)
sell # Total
> $1B 1 $1.6B
$100M to $1B 2 $1.2B
< $100M 1 $100M
TOTAL $2.9B
Largest Internet Pipeline, Inc.
$1.6B (2019-08-08)

M&A Connections

Deals
Acquired from
Investor(s)
52%
34 (52%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
56%
14 (56%)
Strategic(s)
36%
9 (36%)

Investor Summary

Size

Mega

PE Assets

25.0B USD

Established

1994

Specialist/Generalist

Generalist

Leadership

Lawrence Golub

CEO

Frank Straub

CFO & CAO

Susan Czarnecki

CIO

Joshua Levinson

Co-General Counsel & CCO

Dan Baginski

Co-Head of Broadly Syndicated Loans

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