Golub Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Golub Capital has acquired 14 companies.

Golub Capital’s most common sectors for investment are healthcare services (17%) and medical products (12%). The Firm’s most common investment types include secondary buyout (42%) 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 for $273M.

In the last 3 years, Golub Capital has exited 7 companies. The Firm’s most common exit type is secondary buyout (50%). 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 Activity78
    • M&A Buy Activity60
    • M&A Sell Activity18
  • Total Sectors Invested 26
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 51

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.4/yr) # 43 4 1 8 3 1 60
vol $340M $340M
Sell (1.4/yr) # 11 - 2 2 3 - 18
vol $100M $500M $1.6B $2.2B
  78

Most Recent M&A

Company Date Value Type
Tropical Smoothie Cafe LLC 2020-09-08 - Buyout (LBO, MBO, MBI)
Atlanta, Georgia · www.tropicalsmoothiecafe.com
Calero Software LLC 2019-11-19 - Recapitalization
Rochester, New York · www.calero.com
Marshall Retail Group 2019-10-17 - Add-on Acquisition
Las Vegas, Nevada · www.marshallretailgroup.com
Internet Pipeline, Inc. 2019-08-08 1.6B USD Add-on Acquisition
Exton, Pennsylvania · www.ipipeline.com
Collagen Matrix, Inc. 2019-08-01 - Secondary Buyout
Oakland, New Jersey · www.collagenmatrix.com
Krueger-Gilbert Health Physics, Inc. 2019-05-03 - Secondary Buyout
Towson, Maryland · www.kruegergilbert.com
Fitness Connection 2019-02-04 - Secondary Buyout
McLean, Virginia · www.fitnessconnectionusa.com.
CRH Healthcare LLC 2018-12-18 - Recapitalization
Atlanta, Georgia · www.crhhealthcare.com
Pet Supplies Plus LLC 2018-12-13 - Secondary Buyout
Livonia, Michigan · www.petsuppliesplus.com
Pirtek UK Ltd. 2018-11-22 - Secondary Buyout
London, United Kingdom · www.pirtek.co.uk
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptean, Inc. 2012-08-07 Innovative Systems LLC 2020-08-26 27
Atlanta, Georgia · www.aptean.com Laguna Hills, California · www.isllc.com
Pinnacle Treatment Centers, Inc. 2016-08-10 HealthQwest, Inc. 2020-08-17 4
Pittsburgh, Pennsylvania · www.pinnacletreatment.com Douglasville, Georgia · www.healthqwest.us
Aptean, Inc. 2012-08-07 WorkWise LLC 2020-06-24 26
Atlanta, Georgia · www.aptean.com Menomonee Falls, Wisconsin · www.workwisellc.com
Statlab Medical Products, Inc. 2017-06-08 BBC Biochemical 2020-04-02 2
McKinney, Texas · www.statlab.com Mount Vernon, Washington · www.bbcus.com
Pinnacle Treatment Centers, Inc. 2016-08-10 Aegis Treatment Centers LLC 2020-01-23 3
Pittsburgh, Pennsylvania · www.pinnacletreatment.com Canoga Park, California · www.aegistreatmentcenters.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 Schouw Informatisering B.V. 2019-11-11 25
Atlanta, Georgia · www.aptean.com Etten-Leur, Netherlands · www.schouw.org
SureWerx, Inc. 2018-11-02 Sure Foot Corp. 2019-11-04 3
Coquitlam, British Columbia · www.jetgroupbrands.com Cleveland, Ohio · www.surefootcorp.com
Aptean, Inc. 2012-08-07 LINKFRESH Software Ltd. 2019-10-15 24
Atlanta, Georgia · www.aptean.com Cambridge, United Kingdom · www.linkfresh.com
Aptean, Inc. 2012-08-07 BCG Management Resources, Inc. 2019-10-07 23
Atlanta, Georgia · www.aptean.com Concord, California · www.beckconsulting.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 10 (24%) - 10 (16%) -
Medical Products 4 (10%) - 7 (11%) -
Retail 5 (12%) - 6 (10%) -
Software 4 (10%) 273M (100%) 4 (6%) 273M (80%)
Aerospace - - 3 (5%) 25M (7%)
Consumer Services 2 (5%) - 3 (5%) -
Internet Software and Services 2 (5%) - 3 (5%) -
Restaurants 2 (5%) - 3 (5%) -
Beverages 1 (2%) - 2 (3%) -
Business Services 2 (5%) - 2 (3%) -
Information Technology - - 2 (3%) -
Leisure 1 (2%) - 2 (3%) -
Manufacturing 2 (5%) - 2 (3%) -
Safety/Security - - 1 (2%) 42M (12%)
Building Materials 1 (2%) - 1 (2%) -
Chemicals 1 (2%) - 1 (2%) -
Distribution - - 1 (2%) -
Education 1 (2%) - 1 (2%) -
Electrical Equipment 1 (2%) - 1 (2%) -
Electronics - - 1 (2%) -
Engineering 1 (2%) - 1 (2%) -
Environmental 1 (2%) - 1 (2%) -
Food - - 1 (2%) -
Franchising - - 1 (2%) -
Machinery - - 1 (2%) -
Metals/Mining 1 (2%) - 1 (2%) -
Total 42 $273M 62 $340M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 39 (95%) 273M (100%) 59 (97%) 340M (100%)
  California 6 (15%) 273M (100%) 7 (11%) 273M (80%)
  Florida 5 (12%) - 5 (8%) -
  Illinois 4 (10%) - 5 (8%) -
  Georgia 3 (7%) - 4 (7%) -
  Pennsylvania 2 (5%) - 4 (7%) -
  New Jersey 2 (5%) - 3 (5%) -
  Massachusetts 2 (5%) - 3 (5%) -
  Ohio 1 (2%) - 3 (5%) -
  Connecticut - - 3 (5%) 25M (7%)
  Maryland 2 (5%) - 2 (3%) -
  Minnesota 1 (2%) - 2 (3%) 42M (12%)
  Virginia 1 (2%) - 2 (3%) -
  North Carolina 1 (2%) - 2 (3%) -
  New York 1 (2%) - 2 (3%) -
  Oregon - - 2 (3%) -
  Wisconsin 1 (2%) - 1 (2%) -
  Utah 1 (2%) - 1 (2%) -
  Texas 1 (2%) - 1 (2%) -
  Michigan 1 (2%) - 1 (2%) -
  Maine 1 (2%) - 1 (2%) -
  Kentucky 1 (2%) - 1 (2%) -
  Colorado 1 (2%) - 1 (2%) -
  Arizona 1 (2%) - 1 (2%) -
  Nevada - - 1 (2%) -
  Kansas - - 1 (2%) -
United Kingdom 1 (2%) - 1 (2%) -
Canada 1 (2%) - 1 (2%) -
  British Columbia 1 (2%) - 1 (2%) -
Domestic 39 (95%) 273M (100%) 59 (97%) 340M (100%)
Cross-border 2 (5%) - 2 (3%) -
Total 41 $273M 61 $340M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 20 (48%) - 26 (42%) 42M (12%)
Buyout (LBO, MBO, MBI) 7 (17%) - 15 (24%) -
Recapitalization 7 (17%) - 8 (13%) -
Growth Capital 4 (10%) - 6 (10%) -
Going Private 2 (5%) 273M (100%) 2 (3%) 273M (80%)
Consolidation 1 (2%) - 2 (3%) -
Divestiture 1 (2%) - 2 (3%) -
Acquisition Financing - - 1 (2%) 25M (7%)
Total 42 $273M 62 $340M

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (50%) -
Trade Sale - Public Company 4 (22%) 2.1B (96%)
Trade Sale 3 (17%) 100M (4%)
IPO 1 (6%) -
Recapitalization 1 (6%) -
Total 18 $2.2B

Deal Values

buy # Total
$100M to $1B 1 $273M
< $100M 2 $67M
TOTAL $340M
Largest E2open, Inc.
$273M (2015-03-26)
sell # Total
> $1B 1 $1.6B
$100M to $1B 1 $500M
< $100M 1 $100M
TOTAL $2.2B
Largest Internet Pipeline, Inc.
$1.6B (2019-08-08)

M&A Connections

Deals %
Acquired from
PE Firm(s)
96%
48 96%
Strategic(s)
4%
2 4%
Exited to
PE Firm(s)
63%
12 63%
Strategic(s)
37%
7 37%

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