Golub Capital Mergers and Acquisitions Summary

Lender Profile

In the last 3 years, Golub Capital has acquired 4 companies.

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 (40%) and buyout (lbo, mbo, mbi) (24%). In total, Golub Capital has invested in 24 US states and 3 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 21 companies. The Firm’s most common exit type is trade sale (47%). 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 Activity107
    • M&A Buy Activity66
    • M&A Sell Activity41
  • Total Sectors Invested 26
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 61

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.4/yr) # 59 3 3 1 - - 66
vol $340M $340M
Sell (4.6/yr) # 18 2 10 6 4 1 41
vol $2.2B $700M $207M $3.1B
  107

Most Recent M&A

Company Date Value Type
Tropical Smoothie Cafe LLC 2024-04-24 - Secondary Sale
Atlanta, Georgia · www.tropicalsmoothiecafe.com
Agility Recovery Solutions, Inc. 2023-11-30 - Trade Sale
Las Vegas, Nevada · www.agilityrecovery.com
Pirtek UK Ltd. 2023-05-01 - Trade Sale
London, United Kingdom · www.pirtek.co.uk
Feeders Supply Co. 2023-03-31 - Trade Sale
Louisville, Kentucky · www.feederssupply.com
SureWerx, Inc. 2023-01-04 - Secondary Sale
Coquitlam, British Columbia · www.jetgroupbrands.com
Spear Education LLC 2022-12-19 - Secondary Sale
Scottsdale, Arizona · www.speareducation.com
Radiance Holdings 2022-12-19 - Secondary Sale
Lakewood, Colorado · www.weareradianceholdings.com
Wetzel's Pretzels LLC 2022-11-02 207M USD Trade Sale
Pasadena, California · www.wetzels.com
Ned Stevens Gutter Cleaning & General Contracting, Inc. 2022-11-01 - Secondary Buyout
Fairfield, New Jersey · www.nedstevens.com
Sloan Company, Inc. 2022-10-17 - Trade Sale
San Angelo, Texas · www.sloanled.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
CRH Healthcare LLC 2018-12-18 CRH Healthcare - Urgent Medcare 2024-10-16 1
Atlanta, Georgia · www.crhhealthcare.com Atlanta, Georgia
Aptean, Inc. 2012-08-07 Momentis 2024-02-14 48
Alpharetta, Georgia · www.aptean.com Montreal, Quebec · www.momentis.com
Aptean, Inc. 2012-08-07 Groupe Mistral 2022-12-01 47
Alpharetta, Georgia · www.aptean.com Clermont-Ferrand, France · www.mistral.fr
Aptean, Inc. 2012-08-07 Merlin Business Software Ltd. 2022-10-24 46
Alpharetta, Georgia · www.aptean.com Chesterfield, United Kingdom · www.merlinbusinesssoftware.com
Aptean, Inc. 2012-08-07 JET ERP Betriebsgesellschaft mbH 2022-01-12 45
Alpharetta, Georgia · www.aptean.com Vienna, Austria · www.datasystems.at
Aptean, Inc. 2012-08-07 Objective International NV 2021-11-03 44
Alpharetta, Georgia · www.aptean.com Wichelen, Belgium · www.objt.com
Regenity Biosciences 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 2
Paramus, New Jersey · www.regenity.com Schlieren, Switzerland · www.degradablesolutions.com
Aptean, Inc. 2012-08-07 Modula Gesellschaft fur digitale Transformation mbH 2020-12-01 43
Alpharetta, Georgia · www.aptean.com Ettlingen, Germany · www.modul-a.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 42
Alpharetta, Georgia · www.aptean.com Cambridge, United Kingdom · www.linkfresh.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (24%) - 9 (13%) -
Consumer Services 3 (14%) - 7 (10%) -
Medical Products 2 (10%) - 7 (10%) -
Retail 3 (14%) - 7 (10%) -
Software 2 (10%) - 5 (7%) 273M (80%)
Business Services 1 (5%) - 4 (6%) -
Aerospace - - 3 (4%) 25M (7%)
Internet Software and Services 1 (5%) - 3 (4%) -
Restaurants - - 3 (4%) -
Safety/Security - - 2 (3%) 42M (12%)
Beverages 1 (5%) - 2 (3%) -
Franchising 1 (5%) - 2 (3%) -
Automotive - - 1 (1%) -
Building Materials - - 1 (1%) -
Chemicals - - 1 (1%) -
Construction 1 (5%) - 1 (1%) -
Consumer Products 1 (5%) - 1 (1%) -
Distribution - - 1 (1%) -
Education - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Electronics - - 1 (1%) -
Environmental - - 1 (1%) -
Food - - 1 (1%) -
Information Technology - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Total 21 - 68 $340M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (100%) - 66 (97%) 340M (100%)
  Florida 4 (19%) - 7 (10%) -
  California 1 (5%) - 7 (10%) 273M (80%)
  New Jersey 3 (14%) - 5 (7%) -
  Illinois 1 (5%) - 5 (7%) -
  Georgia 2 (10%) - 4 (6%) -
  Virginia 2 (10%) - 3 (4%) -
  New York 2 (10%) - 3 (4%) -
  Massachusetts 2 (10%) - 3 (4%) -
  Nevada 1 (5%) - 3 (4%) -
  Connecticut - - 3 (4%) 25M (7%)
  Pennsylvania - - 3 (4%) -
  Ohio - - 3 (4%) -
  Minnesota 1 (5%) - 2 (3%) 42M (12%)
  Kansas 1 (5%) - 2 (3%) -
  Texas - - 2 (3%) -
  Oregon - - 2 (3%) -
  Colorado - - 2 (3%) -
  Utah 1 (5%) - 1 (1%) -
  Wisconsin - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Michigan - - 1 (1%) -
  Maryland - - 1 (1%) -
  Kentucky - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom - - 1 (1%) -
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Domestic 21 (100%) - 66 (97%) 340M (100%)
Cross-border - - 2 (3%) -
Total 21 - 68 $340M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (43%) - 27 (40%) 42M (12%)
Buyout (LBO, MBO, MBI) 3 (14%) - 16 (24%) -
Recapitalization 6 (29%) - 11 (16%) -
Growth Capital - - 5 (7%) -
Consolidation 1 (5%) - 3 (4%) -
Going Private - - 2 (3%) 273M (80%)
Divestiture 1 (5%) - 2 (3%) -
Acquisition Financing - - 1 (1%) 25M (7%)
Stake Purchase 1 (5%) - 1 (1%) -
Total 21 - 68 $340M

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (46%) -
Trade Sale 11 (27%) 100M (3%)
Trade Sale - Public Company 8 (20%) 3.0B (97%)
IPO 1 (2%) -
Recapitalization 1 (2%) -
SPAC 1 (2%) -
Total 41 $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)
53%
36 (53%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
51%
21 (51%)
Strategic(s)
46%
19 (46%)

Investor Summary

Investor Type

Lender

Size

Mega

PE Assets

55.0B USD

Established

1994

Specialist/Generalist

Generalist

Leadership

Lawrence Golub

CEO

David Golub

President

Jason Van Dussen

Senior Managing Director & Co-Head of Capital Markets

Marc Robinson

Senior Managing Director & Co-Head of Underwriting

Robert Tuchscherer

Senior Managing Director & Co-Head of Underwriting

FAQ

When was Golub Capital founded?

Golub Capital was founded in 1994.

What type of investor is Golub Capital?

Golub Capital is a lender.

Where is Golub Capital headquartered?

Golub Capital is headquartered in Chicago, Illinois.

How much capital does Golub Capital have under management?

Golub Capital has 55.0B USD under management.

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