Golub Capital Mergers and Acquisitions Summary

Lender Profile

In the last 3 years, Golub Capital has acquired 1 company.

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 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 6 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 Activity100
    • M&A Buy Activity65
    • M&A Sell Activity35
  • Total Sectors Invested 26
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 57

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.8/yr) # 61 3 1 - - - 65
vol $340M $340M
Sell (3.2/yr) # 20 10 5 1 - - 36
vol $2.2B $700M $207M $3.1B
  101

Most Recent M&A

Company Date Value Type
SureWerx, Inc. 2023-01-04 - Secondary Buyout
Coquitlam, British Columbia · www.jetgroupbrands.com
Spear Education LLC 2022-12-19 - Secondary Buyout
Scottsdale, Arizona · www.speareducation.com
Radiance Holdings 2022-12-19 - Secondary Buyout
Lakewood, Colorado · www.weareradianceholdings.com
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.tdsclinical.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aptean, Inc. 2012-08-07 Groupe Mistral 2022-12-01 43
Atlanta, Georgia · www.aptean.com Clermont-Ferrand, France · www.mistral.fr
Aptean, Inc. 2012-08-07 Merlin Business Software Ltd. 2022-10-24 42
Atlanta, Georgia · www.aptean.com Chesterfield, United Kingdom · www.merlinbusinesssoftware.com
Aptean, Inc. 2012-08-07 JET ERP Betriebsgesellschaft mbH 2022-01-12 41
Atlanta, Georgia · www.aptean.com Vienna, Austria · www.datasystems.at
Aptean, Inc. 2012-08-07 Objective International NV 2021-11-03 40
Atlanta, Georgia · www.aptean.com Wichelen, Belgium · www.objt.com
Regenity Biosciences 2019-08-01 Sunstar's Degradable Solutions 2020-12-29 2
Oakland, New Jersey · www.regenity.com Schlieren, Switzerland · www.degradablesolutions.com
Aptean, Inc. 2012-08-07 Modula Gesellschaft fur digitale Transformation mbH 2020-12-01 39
Atlanta, 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 38
Atlanta, Georgia · www.aptean.com Cambridge, United Kingdom · www.linkfresh.com
Agility Recovery Solutions, Inc. 2001-01-01 Preparis, Inc. 2019-02-27 5
Charlotte, North Carolina · www.agilityrecovery.com Atlanta, Georgia · www.preparis.com
Agility Recovery Solutions, Inc. 2001-01-01 Rentsys Recovery Services, Inc. - Workspace Recovery Business Unit 2018-12-11 4
Charlotte, North Carolina · www.agilityrecovery.com College Station, Texas

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 5 (20%) - 9 (13%) -
Consumer Services 3 (12%) - 7 (10%) -
Medical Products 2 (8%) - 7 (10%) -
Retail 4 (16%) - 7 (10%) -
Software 2 (8%) - 4 (6%) 273M (80%)
Aerospace - - 3 (4%) 25M (7%)
Business Services 2 (8%) - 3 (4%) -
Internet Software and Services 1 (4%) - 3 (4%) -
Restaurants 1 (4%) - 3 (4%) -
Safety/Security - - 2 (3%) 42M (12%)
Beverages 1 (4%) - 2 (3%) -
Franchising 1 (4%) - 2 (3%) -
Information Technology - - 2 (3%) -
Automotive - - 1 (1%) -
Building Materials - - 1 (1%) -
Chemicals - - 1 (1%) -
Construction 1 (4%) - 1 (1%) -
Consumer Products 1 (4%) - 1 (1%) -
Distribution - - 1 (1%) -
Education - - 1 (1%) -
Electrical Equipment 1 (4%) - 1 (1%) -
Electronics - - 1 (1%) -
Environmental - - 1 (1%) -
Food - - 1 (1%) -
Machinery - - 1 (1%) -
Manufacturing - - 1 (1%) -
Total 25 - 67 $340M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 24 (96%) - 65 (97%) 340M (100%)
  California 2 (8%) - 8 (12%) 273M (80%)
  Florida 4 (16%) - 7 (10%) -
  Illinois 1 (4%) - 5 (7%) -
  Georgia 3 (12%) - 4 (6%) -
  New Jersey 2 (8%) - 4 (6%) -
  Pennsylvania 1 (4%) - 4 (6%) -
  Virginia 2 (8%) - 3 (4%) -
  New York 2 (8%) - 3 (4%) -
  Massachusetts 2 (8%) - 3 (4%) -
  Connecticut - - 3 (4%) 25M (7%)
  Ohio - - 3 (4%) -
  Minnesota 1 (4%) - 2 (3%) 42M (12%)
  North Carolina 1 (4%) - 2 (3%) -
  Kansas 1 (4%) - 2 (3%) -
  Oregon - - 2 (3%) -
  Colorado - - 2 (3%) -
  Utah 1 (4%) - 1 (1%) -
  Kentucky 1 (4%) - 1 (1%) -
  Arizona - - 1 (1%) -
  Wisconsin - - 1 (1%) -
  Texas - - 1 (1%) -
  Nevada - - 1 (1%) -
  Michigan - - 1 (1%) -
  Maryland - - 1 (1%) -
United Kingdom 1 (4%) - 1 (1%) -
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Domestic 24 (96%) - 65 (97%) 340M (100%)
Cross-border 1 (4%) - 2 (3%) -
Total 25 - 67 $340M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 11 (44%) - 27 (40%) 42M (12%)
Buyout (LBO, MBO, MBI) 5 (20%) - 16 (24%) -
Recapitalization 6 (24%) - 10 (15%) -
Growth Capital - - 5 (7%) -
Consolidation 1 (4%) - 3 (4%) -
Going Private - - 2 (3%) 273M (80%)
Divestiture 1 (4%) - 2 (3%) -
Acquisition Financing - - 1 (1%) 25M (7%)
Stake Purchase 1 (4%) - 1 (1%) -
Total 25 - 67 $340M

Exits by Deal Type

Type Total # Value
Secondary Sale 18 (50%) -
Trade Sale - Public Company 8 (22%) 3.0B (97%)
Trade Sale 7 (19%) 100M (3%)
IPO 1 (3%) -
Recapitalization 1 (3%) -
SPAC 1 (3%) -
Total 36 $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)
53%
19 (53%)
Strategic(s)
42%
15 (42%)

Investor Summary

Investor Type

Lender

Size

Mega

PE Assets

55.0B 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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