Golub Capital Mergers and Acquisitions Summary

Lender Profile

In the last 3 years, Golub Capital has acquired 10 companies. It has also invested in 1 other.

Golub Capital’s most common sectors for investment arehealthcare services (14%) and medical products (11%) . The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (24%). In total, Golub Capital has invested in 24 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 18 companies. The Firm’s most common exit type is trade sale (46%). 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 Activity97
    • M&A Buy Activity65
    • M&A Sell Activity32
  • Total Sectors Invested 26
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 62

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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.6/yr) # 47 8 4 2 3 1 65
vol $340M $340M
Sell (4.0/yr) # 13 2 3 2 10 3 33
vol $100M $500M $1.6B $700M $207M $3.1B
  98

Most Recent M&A

Company Date Value Type
Wetzel's Pretzels LLC 2022-11-02 207M USD Add-on Acquisition
Pasadena, California · www.wetzels.com
Ned Stevens Gutter Cleaning & General Contracting, Inc. 2022-11-01 - Secondary Buyout
Fairfield, New Jersey · www.nedstevens.com
National Technical Systems, Inc. 2022-09-27 - Add-on Acquisition
Anaheim, California · www.nts.com
MD Now Medical Centers, Inc. 2022-01-04 - Add-on Acquisition
West Palm Beach, Florida · www.mymdnow.com
Pentec Health, Inc. 2021-10-11 - Secondary Buyout
Glen Mills, Pennsylvania · www.pentechealth.com
Flexan LLC 2021-07-26 - Add-on Acquisition
Lincolnshire, Illinois · www.flexan.com
Transaction Data Systems, Inc. 2021-05-17 - Secondary Buyout
Orlando, Florida · www.rx30.com
West Marine, Inc. 2021-04-14 - Secondary Buyout
Watsonville, California · www.westmarine.com
Sentage Corp. 2021-04-01 - Add-on Acquisition
St. Petersburg, Florida · www.dentalservices.net
Freddy’s Frozen Custard & Steakburgers 2021-03-03 - Buyout (LBO, MBO, MBI)
Wichita, Kansas · www.freddysusa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptean, Inc. 2012-08-07 Groupe Mistral 2022-12-01 40
Atlanta, Georgia · www.aptean.com Clermont-Ferrand, France · www.mistral.fr
Aptean, Inc. 2012-08-07 Merlin Business Software Ltd. 2022-10-24 39
Atlanta, Georgia · www.aptean.com Chesterfield, United Kingdom · www.merlinbusinesssoftware.com
SureWerx, Inc. 2018-11-02 Rocky Brands, Inc. - NEOS Overshoe 2022-10-01 8
Coquitlam, British Columbia · www.jetgroupbrands.com Nelsonville, Ohio
Aptean, Inc. 2012-08-07 JET ERP Betriebsgesellschaft mbH 2022-01-12 38
Atlanta, Georgia · www.aptean.com Vienna, Austria · www.datasystems.at
Aptean, Inc. 2012-08-07 Objective International NV 2021-11-03 37
Atlanta, Georgia · www.aptean.com Wichelen, Belgium · www.objt.com
Collagen Matrix, Inc. 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 2
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 36
Atlanta, Georgia · www.aptean.com Ettlingen, Germany · www.modul-a.com
Radiance Holdings 2020-07-06 Four S Holdings LLC 2020-07-06 2
Denver, Colorado Lakewood, Colorado · www.solasalonstudios.com
Calero Software LLC 2019-11-19 Market Data Services Ltd. 2019-11-19 3
Rochester, New York · www.calero.com Tunbridge Wells, United Kingdom · www.mdsl.com
Aptean, Inc. 2012-08-07 LINKFRESH Software Ltd. 2019-10-15 35
Atlanta, Georgia · www.aptean.com Cambridge, United Kingdom · www.linkfresh.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (17%) - 9 (13%) -
Medical Products 2 (7%) - 7 (10%) -
Retail 4 (13%) - 7 (10%) -
Consumer Services 3 (10%) - 6 (9%) -
Software 2 (7%) - 4 (6%) 273M (80%)
Business Services 3 (10%) - 4 (6%) -
Aerospace - - 3 (4%) 25M (7%)
Internet Software and Services 1 (3%) - 3 (4%) -
Restaurants 1 (3%) - 3 (4%) -
Safety/Security 1 (3%) - 2 (3%) 42M (12%)
Beverages 1 (3%) - 2 (3%) -
Franchising 1 (3%) - 2 (3%) -
Information Technology - - 2 (3%) -
Building Materials 1 (3%) - 1 (1%) -
Chemicals - - 1 (1%) -
Construction 1 (3%) - 1 (1%) -
Consumer Products 1 (3%) - 1 (1%) -
Distribution - - 1 (1%) -
Education 1 (3%) - 1 (1%) -
Electrical Equipment 1 (3%) - 1 (1%) -
Electronics - - 1 (1%) -
Environmental 1 (3%) - 1 (1%) -
Food - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Total 30 - 67 $340M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (93%) - 64 (97%) 340M (100%)
  California 3 (10%) - 9 (14%) 273M (80%)
  Florida 3 (10%) - 6 (9%) -
  Illinois 2 (7%) - 5 (8%) -
  Georgia 3 (10%) - 4 (6%) -
  New Jersey 2 (7%) - 4 (6%) -
  Pennsylvania 1 (3%) - 4 (6%) -
  Massachusetts 2 (7%) - 3 (5%) -
  Virginia 2 (7%) - 3 (5%) -
  Ohio 1 (3%) - 3 (5%) -
  Connecticut - - 3 (5%) 25M (7%)
  Minnesota 1 (3%) - 2 (3%) 42M (12%)
  New York 1 (3%) - 2 (3%) -
  Kansas 1 (3%) - 2 (3%) -
  Colorado 1 (3%) - 2 (3%) -
  North Carolina 1 (3%) - 2 (3%) -
  Oregon - - 2 (3%) -
  Kentucky 1 (3%) - 1 (2%) -
  Arizona 1 (3%) - 1 (2%) -
  Utah 1 (3%) - 1 (2%) -
  Nevada - - 1 (2%) -
  Michigan - - 1 (2%) -
  Maryland - - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Texas - - 1 (2%) -
United Kingdom 1 (3%) - 1 (2%) -
Canada 1 (3%) - 1 (2%) -
  British Columbia 1 (3%) - 1 (2%) -
Domestic 27 (93%) - 64 (97%) 340M (100%)
Cross-border 2 (7%) - 2 (3%) -
Total 29 - 66 $340M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 13 (43%) - 27 (40%) 42M (12%)
Buyout (LBO, MBO, MBI) 6 (20%) - 16 (24%) -
Recapitalization 7 (23%) - 10 (15%) -
Growth Capital - - 5 (7%) -
Consolidation 2 (7%) - 3 (4%) -
Going Private - - 2 (3%) 273M (80%)
Divestiture 1 (3%) - 2 (3%) -
Acquisition Financing - - 1 (1%) 25M (7%)
Stake Purchase 1 (3%) - 1 (1%) -
Total 30 - 67 $340M

Exits by Deal Type

Type Total # Value
Secondary Sale 15 (45%) -
Trade Sale - Public Company 8 (24%) 3.0B (97%)
Trade Sale 7 (21%) 100M (3%)
IPO 1 (3%) -
Recapitalization 1 (3%) -
SPAC 1 (3%) -
Total 33 $3.1B

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 3 $1.4B
< $100M 1 $100M
TOTAL $3.1B
Largest Internet Pipeline, Inc.
$1.6B (2019-08-08)

M&A Connections

Deals
Acquired from
Investor(s)
52%
35 (52%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
48%
16 (48%)
Strategic(s)
45%
15 (45%)

Investor Summary

Investor Type

Lender

Size

Mega

PE Assets

25.0B USD

Established

1994

Specialist/Generalist

Generalist

Leadership

Lawrence Golub

CEO

Daniel Colaizzi

Co-Head, Solutions Group

Ravdeep Anand

Co-Head, Solutions Group

Gregory Cashman

Head of Direct Lending

Kenneth Selle

Head of Loan Trading

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