Speed and creativity, fueled by data and insight.

Golub Capital excels at finding the proper calibration to help our clients win.

For more than 20 years, we’ve been at the vanguard of credit asset management, working with investors, private equity sponsors and borrowers, and we’re just getting started. Success demands continuous re-examination, evaluation and refinement. Golub Capital employs a process-driven strategy designed to deliver consistent results for our partners.

Golub Capital has over $15 billion of capital under management in four complementary business lines: Middle Market Lending, Late Stage Lending, Broadly Syndicated Loans and Opportunistic Credit.

Latest News

Golub Capital Hires Originator for Non-Sponsored Deals; Opens Charlotte Lending Office

Golub Capital announced today that Brian Davis has joined the firm as a Managing Director to develop a network of non-sponsored deals in its Middle Market Lending group. Mr. Davis will be...
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Golub Capital Provides One-Loan Debt Facility To Support Thoma Bravo's Acquisition Of Internet Pipeline, Inc.

Golub Capital announced today that as Administrative Agent, Co-Lead Arranger and Joint Bookrunner, it provided a GOLD financing to support the acquisition of Internet Pipeline, Inc. ("iPipeline"...
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April 15, 2014 — Golub Capital was recently featured on The Wall Street Journal’s Private Equity Beat

For years, Golub Capital competed directly with GE Antares Capital, a unit of GE Capital Corp. that is on the auction block as part of a larger divestiture underway at GE Capital.

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Golub Capital BDC, Inc.

Golub Capital BDC, Inc. Declares Fiscal Year 2015 Fourth Quarter Distribution of $0.32 Per Share and Announces Fiscal Year 2015 Third Quarter Financial Results

Golub Capital BDC, Inc., a business development company (NASDAQ: GBDC), today announced its financial results for its third fiscal quarter ended June 30, 2015. Except where the context suggests...
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Golub Capital BDC, Inc. Increases Size Of Credit Facility

Golub Capital BDC, Inc. (the "Company") (NASDAQ: GBDC), a business development company, today announced that its wholly owned subsidiary, Golub Capital BDC Funding LLC ("Funding"), increased the...
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Golub Capital’s award-winning Middle Market Lending team structures financing solutions with hold positions of up to $300 million. We also underwrite and syndicate senior credit facilities and a proprietary suite of GOLD (unitranche) facilities up to $500 million.

Our Edge

The Middle Market Lending business combines best in class reliability with experienced professionals who are focused on establishing long-term partnerships. We utilize the strength and robustness of the Golub Capital institutional platform and combine it with agility to provide the flexible, custom financing solutions required by private equity sponsors and their portfolio companies.

We’ve completed four transactions with Golub Capital in the past four years and it continues to be a strong relationship. Golub Capital’s reliability, flexibility and ease of execution were all differentiating factors in our choice of a credit provider to lead the senior debt financing of this transaction and they delivered.”

Dorian Faust, Managing Director
Gryphon Investors

Relentless Professionalism

Golub Capital’s Middle Market Lending team has an outstanding track record of closing deals on time and at the terms proposed. We strive to maximize the likelihood of our borrowers’ success as a reliable, preferred lender. We utilize deep industry knowledge to identify, advise on and implement value creation strategies. We provide prompt decisions and detailed feedback.

Golub Capital’s Middle Market Lending team has closed hundreds of loans in the following industries:

  • Specialty Manufacturing
  • Business Services
  • Consumer Products and Services
  • Food and Beverages
  • Aerospace and Defense
  • Value-Added Distribution

We also have specialty teams in the following verticals:

Buy and Hold Lending

  • EBITDA typically ranging between $5 million to $100 million
  • Typical hold size: $10 million to $300+ million
    • GOLD (one-stop) facilities
    • Senior debt
    • Second lien and subordinated debt
  • Equity Co-Investments: up to $25 million

Capital Markets

Golub Capital Middle Market Lending underwrites and arranges senior and GOLD (one-stop) facilities that are tailored to each deal and reflect each client’s structural desires. We have significant Lead and Joint Bookrunner experience and a proven track record of structuring deals that appeal to a broad base of participants.

  • EBITDA: $25 million to $100 million
  • Underwrite and arrange facilities up to $500+ million
    • GOLD (one-stop) facilities
    • Senior debt

Club Finance

Golub Capital Middle Market Lending provides senior debt in club transactions led by high quality middle market arrangers, typically in syndicates ranging from 2–10 senior lenders.

  • EBITDA: $5 million and $50+ million
  • $5 million to $50 million Golub Capital participation

Golub Capital has proven to be a thoughtful and flexible financing partner on this and other transactions. They’ve once again demonstrated their acumen in structuring and syndicating a complex debt structure in a public to private transaction. Golub always adds value beyond the capital they provide.”

Charles Goldman, Managing Director
Mill Road Capital

Healthcare

Our Middle Market Lending Healthcare Finance team delivers advantage to our clients by combining our deep industry knowledge and focus with customized, flexible financing solutions.

Recent Transactions

* GOLD facilities are Golub Capital One-Loan Debt (one-stop) facilities.

Sectors

Golub Capital Healthcare Finance serves:

  • Medical devices and instruments
  • Medical products and disposables
  • Dental practice management
  • Multi-site treatment centers
  • Outsourced services
  • Healthcare IT
  • Contract manufacturing
  • Dialysis
  • Outpatient therapy/rehab
  • Hospice
  • Wound care
  • Specialty pharma

Golub Capital demonstrated its expertise in healthcare investing, providing a flexible yet definitive capital solution to support our needs. We are excited to have them as a partner as we continue to build on our existing platform.”

MATT BLEVINS, PRINCIPAL
CLEARVIEW CAPITAL

Borrower Investment Attributes

  • EBITDA typically between $7 million and $50 million
  • Market leader in a defensible niche with defined technology risk
  • Sustainable points of differentiation or regional density with coveted assets
  • Solid diversity along customer, payor, product and service channels
  • Stable regulatory environment and reimbursement outlook
  • Defined recurring revenue model

Golub Capital Healthcare Finance Solutions

  • Customarily act as Agent
  • Hold sizes range between $20 million and $250 million; full underwritings for loans up to $500 million
  • Invest in GOLD, senior, last out senior and junior debt facilities ­—each typically with an equity co-investment
  • Flexible structures that accommodate a private equity sponsor’s core investment thesis, including acquisition capacity and low mandatory amortization
  • Competitive pricing

Contact Us

For more information on Golub Capital Healthcare Finance, please contact Stefano Robertson.

Consumer, Restaurant & Retail

Golub Capital Middle Market Lending invests in growing restaurant, retail and franchising businesses as a core focus. We specialize in financing proven middle market brands with multiple unit locations.

Recent Transactions

* GOLD facilities are Golub Capital One-Loan Debt (one-stop) facilities.

Borrower Investment Attributes

  • Consistent track record of growth
  • Strong same store sales performance through economic cycles
  • Dominant market position
  • Differentiated concept with a clear value proposition to its customers
  • Experienced management team with a proven track record of success
  • Minimum of 15 units and EBITDA of $5 million

Golub Capital provided a compelling debt financing solution for Marshall Retail Group, with the flexibility required to meet long-term growth plans. Golub Capital’s GOLD product also streamlined the entire debt financing process and helped us close our acquisition of MRG under a highly accelerated time frame.”

TOROS YEREMYAN, PRINCIPAL
BRENTWOOD ASSOCIATES

Golub Capital Restaurant, Retail & Franchise Finance Solutions

  • Customarily act as Agent
  • Hold sizes range from $10 million to $250 million; full underwritings for loans up to $500 million
  • Invest in senior, last out senior, second lien, mezzanine and GOLD facilities — each typically with an equity co-investment
  • Flexible structures that accommodate a private equity sponsor’s core investment thesis, including acquisition and unit growth capacity and low mandatory amortization
  • Competitive market pricing

Contact Us

For more information on Golub Capital Restaurant, Retail and Franchisor Finance, please contact Matt Fulk or Greg Cashman.

Software, Digital & Technology Services

We know that private equity sponsors and technology companies demand a value-added partner with the expertise to provide financing that is as innovative as their businesses. The Software, Digital and Technology Services team maintains a deep knowledge of specific sectors, trends, revenue models and accounting policies within the technology industry. We close on time on the terms we proposed providing private equity sponsors and technology companies with certainty around their financing structure.

Recent Transactions

* GOLD facilities are Golub Capital One-Loan Debt (one-stop) facilities.

Sectors

Golub Capital Software, Digital and Technology Services Finance serves an expanding base of related sectors, including:

  • Software
  • Data storage and hosting
  • Internet, e-commerce and digital media
  • Business process outsourcing
  • IT services
  • Data analytics

Consistent with our past experiences, Golub Capital’s deep understanding of the software and technology services industry, ability to offer value-added financing solutions across the capital structure, and efficient execution led to a smooth closing. We look forward to closing additional transactions with Golub Capital in the future.”

CHELSEA STONER, GENERAL PARTNER
BATTERY VENTURES

Borrower Investment Attributes

  • EBITDA typically between $5 million and $50 million
  • Defined recurring revenue model
  • Market leader in a defensible niche
  • Sustainable points of differentiation
  • Solid diversity along customer, product and service channels

Golub Capital Software, Digital and Technology Finance Solutions

  • Customarily act as Agent
  • Hold sizes range from $10 million to $250 million; full underwritings for loans up to $500 million
  • Invest in GOLD, senior, last out senior and junior debt facilities — each typically with an equity co-investment
  • Flexible structures that accommodate a private equity sponsor’s core investment thesis including acquisition capacity and low amortization requirements
  • Competitive market pricing

Contact Us

For more information on Golub Capital Software, Digital and Technology Services Finance, please contact Rob Tuchscherer or Spyro G. Alexopoulos.

Recent Transactions

UNDISCLOSED

GOLD Facility*
Co-Investment Equity
July 2015 — Administrative Agent, Sole Bookrunner — Blue Sea Capital

$190,000,000

GOLD Facility*
Co-Investment Equity
July 2015 — Administrative Agent, Joint Bookrunner — Harvest Partners

$515,000,000

GOLD Facility* July 2015 — Administrative Agent, Sole Bookrunner — Behrman Capital

UNDISCLOSED

GOLD Facility*
Co-Investment Equity
June 2015 — Administrative Agent, Sole Bookrunner — TA Associates

UNDISCLOSED

GOLD Facility* June 2015 — Administrative Agent, Sole Bookrunner — Audax Group

$355,000,000

GOLD Facility* June 2015 — Administrative Agent, Sole Bookrunner — Aurora Capital Group

$355,000,000

GOLD Facility* May 2015 — Administrative Agent, Sole Bookrunner — Ontario Teachers’ Pension Plan

UNDISCLOSED

GOLD Facility* May 2015 — Administrative Agent, Sole Bookrunner — Linsalata Capital Partners

UNDISCLOSED

GOLD Facility*
Co-Investment Equity
April 2015 — Administrative Agent, Sole Bookrunner — Friedman Fleicher & Lowe

$346,000,000

GOLD Facility*
Co-Investment Equity
April 2015 — Administrative Agent, Sole Bookrunner — KRG Capital Partners

UNDISCLOSED

GOLD Facility* April 2015 — Administrative Agent, Sole Bookrunner — Angelo, Gordon & Co.

UNDISCLOSED

GOLD Facility*
Revolving Credit Facility
April 2015 — Administrative Agent, Sole Bookrunner — Great Point Partners

$57,700,000

GOLD Facility*
Co-Investment Equity
April 2015 — Administrative Agent, Sole Bookrunner — Baird Capital

UNDISCLOSED

GOLD Facility* April 2015 — Administrative Agent, Sole Bookrunner — Vista Equity Partners

UNDISCLOSED

GOLD Facility*
Co-Investment Equity
March 2015 — Administrative Agent, Sole Bookrunner — LLR Partners
* GOLD facilities are Golub Capital One-Loan Debt (unitranche) facilities.

Golub Capital’s Late Stage Lending business provides financing solutions to venture-backed, growth equity and other technology companies. Our solutions are customized to meet the growth thesis without extensive equity dilution. We provide senior debt, subordinated debt and co-investment equity to companies undergoing exceptional growth due to new services, increased adoption and/or entry into new markets. Our firm usually underwrites and holds the entire credit facility.


Target Company Characteristics

  • Expanding revenues with minimum recurring or durable revenue of $15 million
  • Current earnings may be reduced or negative due to continued reinvestment in growth
  • Backed by growth equity or venture capital firms
  • Strong customer revenue retention rates
  • Diversified customer base

Terms of Financing

  • Facilities from $15 million to $100 million
  • Customized and flexible covenant packages
  • Golub Capital will typically hold 100% of the credit facility

Sector Experience

  • Enterprise software
  • Application software
  • FinTech
  • Healthcare IT
  • Data analytics
  • Security
  • Mobile
  • Cloud

Golub Capital’s Late Stage Lending group provided a compelling debt financing that allowed the company to accelerate its growth without meaningful dilution to current stakeholders. The Golub Capital team has significant expertise working with the needs of rapidly growing and expanding SaaS companies, making them excellent partners. Their debt solution is unique as it has a long-term horizon, allows us the flexibility to invest in the business and has greater scale than any other debt product in the market.”

Ian Charles, CFO
Host Analytics
QuEST
 

Technology Lending Landscape

technology-lending-landscape

Enlarge image for important disclaimers
 

Typical Use of Capital

  • Accelerated growth
  • Strategic acquisitions
  • Product expansion
  • Investor liquidity
  • Conversion to SaaS

Contact Us

For more information on Golub Capital Late Stage Lending please contact Andrew Steuerman or Peter Fair.

Golub Capital’s Broadly Syndicated Loan business curates well diversified portfolios of high quality, syndicated senior secured loans. We purchase assets in the syndicated loan market that are structured, arranged and administered by large commercial or investment banks. These arranged loans are sold broadly to institutional investors such as Golub Capital and tend to be liquid in the secondary market. Our team manages these investments primarily in a series of Collateralized Loan Obligations (CLOs), Separately Managed Accounts and Opportunistic Credit Funds.

Our Edge

Golub Capital’s credit strengths combined with entrepreneurial nimbleness and unwavering attention to fundamentals through business cycles gives us the ability to deliver advantage. Our Broadly Syndicated Loans team enhances its analytical capability by utilizing the resources of our institutional platform, including:

  • Over 300 portfolio companies that provide intelligence about the real economy directly from “Main Street”
  • A network of leading private equity sponsor relationships that provides insights into special situations and attractive allocations of the deals we like
  • Synergies among Golub Capital’s business units. Our Broadly Syndicated Loans group has access to the investment professionals in our Middle Market Lending, Late Stage Lending, capital markets and hedge fund units
  • Infrastructure that is focused solely on loans

An Experienced Team of Skilled Credit Professionals

Our Broadly Syndicated Loans team has experience through numerous business cycles and has deep industry knowledge in the following verticals: Aerospace & Defense, Auto, Packaging, Chemicals, Cable & Telecom, Leisure, Healthcare Finance, Consumer Goods, Restaurant, Retail and Franchisor Finance, Food & Beverage and Software, Digital & Technology Services.

Disciplined Investment Approach

Our investment process is driven by highly selective, rigorous bottom-up fundamental credit evaluation. We do not chase yield. Asset selection involves evaluation of the macro-economy, industry trends, business positioning, sponsorship, consistency and adequacy of cash flows, collateral coverage, deal structure and management quality. Our internal ratings system and an enterprise valuation assessment are key components of the overall investment decision. Because of our asset size and focus on controlled growth, we can and do reject the preponderance of the transactions we review, allowing us to choose the best risk/reward scenarios.

The Broadly Syndicated Loans business unit generally pursues a buy and hold strategy. However, we do make use of the secondary market for loss avoidance (through sales upon early detection of threats) and value building (through discount purchases). Our continuous monitoring of portfolio names lead to early detection of threats and opportunities. We have a distinctive approach to credit focused on analyzing enterprise value in downside scenarios.

Alternative Strategies for Credit Investments

Golub Capital’s Opportunistic Credit business targets investment opportunities characterized by asymmetric risk-return and multiple ways to win. We leverage the power of the Golub Capital platform to identify pockets of opportunity that we believe are often overlooked by traditional credit investors.

Liquid Investment Vehicles

GC Synexus Advisors, LLC (“GC Synexus”) manages a liquid, event-driven long/short investment program focused on credit-related investments and designed to generate attractive absolute returns. The GC Synexus team has extensive long/short experience, particularly in niche opportunities. The strategies of GC Synexus include:

  • Catalyst-driven value (e.g., off-the-run middle market names)
  • Special situations (e.g., M&A, refinancing, litigation plays)
  • Bankruptcies & reorganizations
  • Asset liquidations
  • Investments with “Complexity Premium” (e.g., unusual structures, CDS calendar trades)

Long-Term Investment Vehicles

Golub Capital also manages opportunistic credit funds targeting illiquid credit opportunities outside the firm’s middle market lending business. Typically, our investments in longer-duration credit assets will feature low expected correlation to market and macroeconomic risks and attractive risk-adjusted performance over a multi-year horizon. Characteristic investment targets include:

  • Portfolios and assets from banks and liquidating investment funds
  • Founding class interests in Golub Capital funds
  • Discounted secondary interests in investment funds

Power of the Platform

The Opportunistic Credit business combines the strength and robustness of the Golub Capital institutional platform with the entrepreneurial nimbleness required to take advantage of opportunities in rapidly changing markets.

Our team has developed a unique analytical capability using the resources of the Golub Capital institutional platform, including:

  • Over 300 portfolio companies that provide intelligence about the real economy directly from “Main Street”
  • Transaction history with over 150 leading middle market private equity sponsors
  • Deep buy and sell-side relationships
  • Insights from the firm’s Middle Market Lending and Broadly Syndicated Loan teams