Press Release - Golub Capital

NEW YORK, August 19, 2025 — Golub Capital acted as Administrative Agent, Lead Arranger and Joint Bookrunner on a unitranche facility to support TSG Consumer’s acquisition of EōS Fitness (“EōS”) from Bruckmann, Rosser, Sherrill & Company. Terms of the transaction were not disclosed.

EōS is a rapidly growing gym chain with more than 175 locations across the U.S. with the goal of making fitness accessible to everyone. Golub Capital has acted as Administrative Agent to EōS since 2019, supporting the company’s growth strategy with five incremental financings over that period.

“We’re proud to continue our partnership with TSG Consumer and to keep supporting EōS,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “TSG Consumer’s deep experience in the fitness industry, combined with the tenured leadership team at EōS, creates a compelling platform for continued growth.”

The unitranche facility is composed of a revolver, term loan and delayed draw term loans.

Golub Capital has closed more than 15 deals with TSG Consumer across 10 platforms.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $1 billion and arranges syndicated credit facilities up to $2 billion.

As of April 1, 2025, Golub Capital had over 1,000 employees and over $75 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

LONDON, July 17, 2025 — Golub Capital acted as Lead Arranger on a unitranche facility for MRH Trowe, a portfolio company of TA Associates and AnaCap. The proceeds will be used to refinance the existing credit facility and support the company’s ongoing growth through targeted acquisitions. Terms of the deal were not disclosed.

MRH Trowe is one of the largest independent property and casualty commercial insurance brokers in Germany. The company specializes in tailored insurance and employee benefits solutions for corporate, institutional and high-net-worth clients. Golub Capital has been a lender to MRH Trowe since 2024.

The unitranche facility is composed of a revolving credit facility, term loan and delayed draw term loan.

Golub Capital has provided more than $3 billion in financing commitments to over 15 insurance brokerage portfolio companies.

Private equity-backed companies see 11th consecutive quarter of earnings growth.

The Golub Capital Altman Index can provide early insight into financial performance of public companies and GDP in advance of earnings season.

NEW YORK, July 15, 2025 – Middle market private companies in the Golub Capital Altman Index grew earnings by 5% during the first two months of the second quarter of 2025. Revenue grew 2% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “Middle market companies continued in the second quarter to demonstrate resilience and adaptability as tariff and tax uncertainty continued. Our data shows revenue and earnings growth in April and May within our sample of U.S. businesses that sell primarily to U.S. customers, which suggests the economy remained on a healthy foundation. The July enactment of the BBB tax bill should strengthen consumer disposable income and confidence. The tariff uncertainty continues to be a drag on business capital expenditure decision making, but the U.S. economy is performing fine. When the tariff situation reaches stability, we expect growth to accelerate.”

Dr. Edward I. Altman said, “Our data offers a mostly encouraging early read on the performance of U.S. companies in the second quarter. I believe investors will find it particularly informative to observe continued strong average company-level performance as an economic indicator during this period when aggregate GDP calculations and forecasts may be distorted by abnormal and volatile import behavior in anticipation of possible tariffs. Within the Golub Capital Altman Index, the continued strong revenue and EBITDA growth of the Technology sector stands out as evidence that the value proposition of productivity-enhancing, mission-critical B2B software solutions remains compelling in today’s uncertain environment.”

The Golub Capital Altman Index (“GCAI”), which is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman, is the first and longest-running index based on actual revenue and earnings (defined as earnings before interest, taxes, depreciation and amortization, or “EBITDA”) for middle market companies. It measures the median revenue and earnings growth of approximately 110–150 private U.S. companies in the loan portfolio of Golub Capital, a leading middle market lender. Reported shortly before public company quarterly earnings season, the GCAI has served as a reliable indicator of the overall growth rates in revenue and earnings of public companies in market indexes such as the S&P 500 and S&P SmallCap 600 (“S&P 600”), as well as quarterly Gross Domestic Product (“GDP”), according to statistical back-testing dating back to 2012, when data began to be tracked.

The size and diversity of the Golub Capital loan portfolio ensure that the confidentiality of all company-specific information used in the index is maintained in both the aggregate and industry segment data.

We believe the results (1) are representative of the general performance of middle market companies, which are a major contributor to U.S. private sector employment; (2) can be easily compared to the performance of the public companies that make up major stock indexes; (3) are relevant to the aggregate economic performance of the U.S. economy; and (4) provide timely information for the investment community.

The companies in the GCAI operate in a wide range of industries. Results are provided for the total universe of GCAI constituents and by industry segment. Effective Q2 2025, the Golub Capital Middle Market Report discontinued publication of the Industrials sector index due to insufficient sample size. Industrials companies are included in the median revenue and EBITDA growth calculations for the overall Golub Capital Altman Index and will remain included in the aggregate in future quarters. The Golub Capital Middle Market Report will periodically reevaluate resuming publication of the Industrials sector index based on trends in the sample size. Given the index’s limited exposure to Financials, Utilities, Energy and Materials, comparisons are made to the S&P 500 and S&P 600 as well as to “adjusted” versions of those indexes that exclude the aforementioned sectors.

About the Golub Capital Middle Market Report
The Golub Capital Middle Market Report analyzes the results of the Golub Capital Altman Index (“GCAI”), which measures the median revenue and earnings growth of approximately 110–150 privately owned companies in the Golub Capital loan portfolio for the first two months of each calendar quarter. It compares these results to the financial performance of well-known market indexes, including the S&P 500 and S&P SmallCap 600. The GCAI is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.

About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

About Dr. Edward I. Altman
A leading expert on credit markets, Dr. Edward I. Altman is the Max L. Heine Professor of Finance, Emeritus at the NYU Stern School of Business, and Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He is currently an advisor to several foreign central banks. Professor Altman has published or edited two-dozen books and over 150 articles in scholarly finance, accounting and economic journals. He has been inducted into the Fixed Income Analysts Society Hall of Fame, served as President of the Financial Management Association, was an FMA Fellow, and was amongst the inaugural inductees into the Turnaround Management Association Hall of Fame. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles.

Important Disclosure
The Golub Capital Altman Index is provided as an indicator only and does not constitute investment advice or the offer to sell or a solicitation to buy any security. Some of these statements constitute forward-looking statements, which may be predictions about future events, future performance, or future financial conditions. Some of these statements reflect opinions based upon the data presented in the Index, and these opinions may be incorrect. Actual results could vary materially from those implied or expressed in such forward-looking statements for any reason. The Golub Capital Altman Index has been created on the basis of information provided by third-party sources that are believed to be reliable, but the information has not been verified independently by Golub Capital. Golub Capital makes no warranty or representation as to the accuracy or completeness of such third-party information.

LONDON, July 9, 2025 — Golub Capital provided multi-currency debt financing to Cyncly, a portfolio company of TA Associates and Genstar Capital. The proceeds will be used to refinance existing debt. Terms of the deal were not disclosed.

Cyncly, headquartered in the UK, is a leading global provider of end-to-end software solutions for professional designers, retailers and manufacturers in the interior design industry. Golub Capital has a longstanding relationship with the Company, acting as Administrative Agent to 2020 Technologies on a unitranche facility when Genstar acquired the business in 2021. Golub Capital also provided financing to support the subsequent merger of 2020 Technologies and Compusoft, which now do business as Cyncly.

The senior credit financing included a multi-currency revolving credit facility, a U.S. dollar-denominated term loan, a euro-denominated term loan and a multi-currency delayed draw term loan.

As of March 31, 2025, Golub Capital has more than $33 billion invested in software and technology across nearly 200 portfolio companies.

LONDON, 10 June 2025 – Today, Golub Capital marked the five-year anniversary of its London office by announcing an expansion in its European direct lending strategy, a new and expanded London office location and record-breaking results.

“Our growth and success in Europe over the last five years has exceeded our expectations – and we are not done,” said Tara Moore, Head of European Originations at Golub Capital. “We are expanding our lending capabilities to include borrowers across technology, healthcare, financial services and business services in the U.K., Germany, France and the Nordics.”

Key highlights as of May 31, 2025 include:

Since 2020, Golub Capital has committed more than $7.9 billion across more than 70 deals
It set a record with over $2.5 billion in new commitments in 2024
Deepened investment in core verticals of Software, Financial Services and Business Services
Over the last five years, the Firm has expanded borrower jurisdictions beyond the U.K., to include DACH, France, Benelux and the Nordics
The London-based direct lending team is now 12-strong

“Golub Capital was designed to be best in sponsor finance,” said David Golub, President of Golub Capital. “Central to our vision is building a compelling value proposition for all our partners marked by a strong set of competitive advantages. We are excited to continue to build our partnerships and our competitive advantages in Europe.”

Golub Capital moved last month into a new, larger office at 10 Portman Square.

About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

NEW YORK, May 29, 2025 – Golub Capital today announced a large expansion of its program to support the development of next generation nonprofit board members.

“We launched the Golub Capital Nonprofit Board Fellows Network with the goal of accelerating progress across the nonprofit ecosystem by deepening the pool of impactful nonprofit board members,” said David Golub, President of Golub Capital. “With today’s announcement, we are proud to now sponsor Golub Capital Board Fellows Programs at 11 distinguished business schools. These programs will train hundreds, and soon thousands, of future nonprofit directors every year.”

The new funding commitments announced today will support:

The Stephen M. Ross School of Business at the University of Michigan, which created one of the first Board Fellows Programs in the U.S. in the late 1990s, will use the gift from Golub Capital to facilitate a substantial expansion of its existing program, design and launch dedicated board training and matching programs for alumni and elevate assessment data and storytelling to demonstrate large-scale impact.
The McCombs School of Business at UT Austin will expand its Board Fellows Program through enhanced board leadership training with new microcredentials, mentorship networks and broader engagement across its portfolio of MBA programs. The expansion will extend the Board Fellows Program beyond Austin to McCombs’ Dallas and Houston locations, dramatically increasing participation opportunities for MBA students across Texas. With strengthened mentorship and alumni engagement initiatives, the Board Fellows Program will grow to serve nearly 100 nonprofits across Texas by 2030, significantly deepening both MBA students’ impact in their communities and their experience in nonprofit board service.
The UCLA Anderson School of Management will expand and institutionalize its existing student-run Board Fellows Program by increasing staff support, strengthening academic training, expanding eligibility across degree programs, and creating opportunities for alumni engagement. The program will also provide value to nonprofit partners through academic workshops, pro bono consulting, and by cultivating long-lasting relationships to create collective impact across Southern California.
The University of Virginia Darden School of Business will dedicate staffing and funding to expand its student-led Board Fellows Program. The investment includes launching a new for-credit course and extending the program to serve Executive MBA and Part-Time MBA students in the Washington, D.C. area, alongside Full-Time MBA students in Charlottesville. Over the next five years, the program will grow significantly to prepare more than 100 Board Fellows annually.

The Golub Capital Nonprofit Board Fellows Network was launched in 2024 in connection with commitments from Golub Capital to establish or expand Board Fellows Programs at seven leading business schools: Carnegie Mellon University (Tepper School of Business); New York University (Stern School of Business); Northwestern University (Kellogg School of Management); University of California, Berkeley (Haas School of Business); University of Chicago (Booth School of Business); Wharton School of the University of Pennsylvania; and Yale School of Management. Several other leading business schools participate in the Golub Capital Nonprofit Board Fellows Network as affiliates.

About the Golub Capital Social Impact Accelerator
The Golub Capital Social Impact Accelerator sponsors philanthropic initiatives where the Firm’s investment is expected to have a multiplier effect on the impact of nonprofit organizations. The two signature programs of the Golub Capital Social Impact Accelerator are the Social Impact Labs and the Nonprofit Board Fellows Network.

The Golub Capital Social Impact Labs at the Stanford Graduate School of Business, the Northwestern Kellogg School of Management and the University of Chicago Booth School of Business engage the next generation of business leaders and academics to accelerate progress across the nonprofit ecosystem.

The Golub Capital Nonprofit Board Fellows Network develops MBA candidates and alumni at leading business schools to serve as impactful nonprofit board members through classroom and experiential learning.

LONDON, May 14, 2025 — Golub Capital acted as a lender on a unitranche facility to support Warburg Pincus’ minority equity investment in Aztec Group, a leading international fund and corporate services provider. Proceeds of the transaction will be used to support Aztec’s long-term growth and the expansion of its client services as it moves beyond its strong position in Europe to become a global player in the high-growth U.S. market and beyond. Additional deal terms were not disclosed.

“This deal marks an exciting expansion of our partnership with Warburg Pincus into the European market, building on our long-standing relationship in the U.S.,” said Tara Moore, Head of European Originations at Golub Capital. “This deal also signifies a key step in our ongoing efforts to expand our footprint in the European financial services sector.”

Golub Capital has closed 15 deals with Warburg Pincus since 2020. This is Golub Capital’s first deal with Warburg Pincus in Europe.

Golub Capital has more than $14 billion currently invested in over 70 financial services companies.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $800 million and arranges syndicated credit facilities up to $2 billion.

As of January 1, 2025, Golub Capital had over 1,000 employees and over $75 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe and Asia. For more information, please visit golubcapital.com.

CHICAGO, May 6, 2025 — Golub Capital acted as Administrative Agent, Sole Lead Arranger and Sole Bookrunner on a unitranche facility to support HGGC’s buyout of Equity Methods. Terms of the deal were not disclosed.

Equity Methods is a specialized provider of executive compensation and stock-based compensation reporting, valuation and advisory services. “Our deep expertise in financial services allowed us to support this market-leading company in a sector we know well and like,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We are excited to partner with HGGC to support Equity Methods.”

The unitranche is composed of a revolving credit facility, term loan and delayed draw term loan.

“Golub Capital’s ability to move quickly was crucial to seizing the opportunities HGGC sees in Equity Methods,” said HGGC. “They provided a flexible solution that can scale over time, which is ideally suited to support the company’s long-term growth and success.”

Golub Capital has invested over $14.5 billion across more than 70 financial services portfolio companies.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $800 million and arranges syndicated credit facilities up to $2 billion.

LONDON, April 22, 2025 — Golub Capital acted as Sole Lender on a recurring revenue facility to support FTV Capital’s purchase of a co-controlling stake in Orbus Software (“Orbus”) alongside existing investor SilverTree Equity. Terms of the deal were not disclosed.

Orbus is a leading global provider of digital transformation software, serving over 600 blue chip customers and more than 60,000 users across Europe, the United States and Asia-Pacific. Golub Capital has been a lender to Orbus since January 2024, and this transaction marks Golub Capital’s third deal with the company.

The financing is composed of a term loan and a delayed draw term loan.

Golub Capital currently invests more than $33 billion across nearly 200 software and technology portfolio companies.

About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $800 million and arranges syndicated credit facilities up to $2 billion.

NEW YORK, April 17, 2025 – Middle market private companies in the Golub Capital Altman Index grew earnings by 2% during the first two months of the first quarter of 2025. Revenue grew 3% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “The Golub Capital Middle Market Report is based on actual results from the first two months of each calendar quarter. As a result, this quarter’s index results may not be as predictive as usual because of market shifts related to tariff policy starting mid-quarter. Unusually elevated policy uncertainty and its consequences are recurring themes in our conversations with private equity sponsors and management teams. While high uncertainty makes it hard to draw conclusions from this quarter’s data, we expect private equity-owned businesses to continue to adapt to changing conditions as they have done during prior dislocations.”

The companies in the GCAI operate in a wide range of industries. Results are provided for the total universe of GCAI constituents and by industry segment. Given the index’s limited exposure to Financials, Utilities, Energy and Materials, comparisons are made to the S&P 500 and S&P 600 as well as to “adjusted” versions of those indexes that exclude the aforementioned sectors.

About the Golub Capital Middle Market Report
The Golub Capital Middle Market Report analyzes the results of the Golub Capital Altman Index (“GCAI”), which measures the median revenue and earnings growth of approximately 110–150 privately owned companies in the Golub Capital loan portfolio for the first two months of each calendar quarter. It compares these results to the financial performance of well-known market indexes, including the S&P 500 and S&P SmallCap 600. The GCAI is produced by Golub Capital in collaboration with credit expert Dr. Edward I. Altman. Effective Q2 2022, the GCAI excludes Golub Capital portfolio companies that have recurring revenue-based credit facilities. The data referenced herein may not reflect all companies in the loan portfolio of Golub Capital during the time periods indicated.