Press Release - Golub Capital

NEW YORK, December 5, 2024 — Golub Capital acted as Administrative Agent, Left Lead Arranger and Joint Bookrunner on a $1.2 billion unitranche facility to support Apax Partners’ acquisition of a controlling stake in Veriforce from Thoma Bravo. Terms of the deal were not disclosed.

Veriforce is one of the world’s largest providers of integrated supply chain risk management solutions. Golub Capital has been Administrative Agent to Veriforce since Thoma Bravo acquired the company in 2019, and led two incremental financings to support Veriforce’s rapid growth through strategic acquisitions.

The unitranche facility is composed of a $80 million revolving credit facility, $792 million term loan, £290 million term loan and $100 million delayed draw term loan.

Golub Capital was uniquely positioned to lead the deal due to the Firm’s knowledge of the credit, and ability to lead multi-currency transactions.

Apax Partners will also use the financing to merge Veriforce with existing portfolio company Alcumus, a global leader in technology-led risk management and compliance solutions.

Golub Capital has completed three deals in the last twelve months and has five current portfolio companies with Apax Partners.

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 October 1, 2024, Golub Capital had over 1,000 employees and over $70 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.

NEW YORK, December 3, 2024/ABU DHABI, December 4, 2024 – Golub Capital today announced a three-year partnership with the New York University Impact Investment Fund (“NIIF”), a student-led venture that drives impact capital toward early-stage social enterprises and provides students at NYU Stern, NYU Wagner and NYU Abu Dhabi with hands-on experience in managing an impact investing fund.

The partnership will establish the Golub Capital Social Impact Investment Education Fund, which will support NIIF’s experiential education activities.

“We are excited to partner with the NYU Impact Investment Fund in expanding its innovative approach to making a positive impact on communities in which we work and live,” said Lawrence Golub, CEO of Golub Capital. “For us, this partnership also represents our continued commitment in Abu Dhabi, as part of our Firm’s global expansion efforts.”

“We are delighted to partner with Golub Capital to help train the next generation of impact investors,” said Andrea Armeni, NYU Professor and NIIF Faculty Advisor. “The support of Golub Capital through the Golub Capital Social Impact Investment Education Fund at NYU reinforces the power of collaboration between industry leaders, academic institutions and the community as a lever for positive change.”

The Golub Capital Social Impact Education Fund is the latest in a series of Golub Capital initiatives aimed at supporting nonprofits. The Firm recently launched the Golub Capital Nonprofit Board Fellows Network with seven leading business schools, including NYU Stern, to train students to become impactful nonprofit board members. Golub Capital also sponsors Golub Capital Social Impact Labs at The University of Chicago Booth School of Business, Stanford’s Graduate School of Business, and Northwestern’s Kellogg School of Management. Each Golub Capital Social Impact Lab focuses on a different way to improve nonprofit effectiveness, particularly in underserved communities.

About Golub Capital
Golub Capital is a market-leading, award-winning direct lender and experienced credit asset 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.

About the NYU Impact Investment Fund
The NYU Impact Investment Fund (“NIIF” or the “Fund”) is a student-led impact investment fund that is part of an interdisciplinary experiential course at NYU. Launched in 2017, NIIF unites a diverse group of students from NYU Wagner School of Public Service, NYU Stern School of Business, and NYU Abu Dhabi who are committed to impact investing. As an experiential course, NIIF acts as a springboard for placing emerging professionals in competitive impact fund management roles globally. NIIF associates gain experience in sourcing enterprises, theory-of-change analysis, financial and legal due diligence, the investment committee process, deal structuring and documentation, stakeholder presentations, and impact measurement, while driving catalytic capital toward high-impact companies.

Golub Capital has committed over $10mm to date to engage the next generation of board members and drive positive social impact across the nonprofit ecosystem

NEW YORK, November 13, 2024 – Golub Capital today announced partnerships with seven leading business schools to establish or expand Board Fellows Programs (BFPs) at each school. The BFPs prepare MBA candidates and alumni to become impactful nonprofit board members.

“Good board members dramatically improve the effectiveness of nonprofits,” said David Golub, President at Golub Capital. “The Golub Capital Nonprofit Board Fellows Network will deepen the pool of impactful nonprofit board members, while fostering collaboration among leading business schools around how to support positive social impact. Our goal is to continue expanding the program to accelerate progress across the nonprofit ecosystem.”

The business schools that Golub Capital has partnered with include:

Carnegie Mellon University Tepper School of Business will establish a new Golub Capital Board Fellows Program, grow the number of fellows to more than 50, and deepen ties with Pittsburgh’s strong nonprofit and foundation-oriented community.
University of California, Berkeley, Haas School of Business will look to become one of the largest Board Fellows Programs in the United States with a goal of reaching 120 fellows annually and sharing its board self-assessment tool with members of the network.
Yale School of Management will significantly grow and institutionalize their existing program by providing new staff support and faculty guidance for student leaders, offering a for-credit course for Board Fellows and developing a set of teaching case studies that can be used across the network.
University of Chicago Booth School of Business will strengthen its existing program of over 80 fellows per year, developing a culminating showcase day for students to share their project learnings, expanding skill building and networking opportunities for Chicago nonprofit partners and experimenting with broadening program eligibility.
Wharton School of the University of Pennsylvania will expand and enhance its existing program, inviting students from other graduate schools to take part along with MBAs and piloting a range of new initiatives to deepen engagement with alumni and its nonprofit partners.
New York University Stern School of Business will grow and restructure its existing program to include a range of strategic consulting projects along with board governance and will explore development of the first Global Board Fellows program.
Northwestern University Kellogg School of Management: Golub Capital supported its first Board Fellows Program in 2021 at Kellogg. Through the launch of this network, the Firm will also extend its funding of Kellogg’s program, enabling Kellogg to expand its program to serve students in their accelerated and part-time MBA programs. Currently, Kellogg’s Board Fellows Program prepares over 100 top MBA students annually for board service at Chicago-area nonprofits through a combination of academic coursework, board placement and strategic consulting.

A recent survey by Kellogg of 200 alumni showed that fellows are more likely to serve on nonprofit boards (55%) compared to non-board fellow alumni (38%). Participants in the program are also four times as likely to serve in leadership positions in nonprofits compared to non-participants.

“The Golub Capital Board Fellows Program has provided a valuable and practical learning experience for our students,” said Allison Henry, Director of the Golub Capital Board Fellows Program at Kellogg School of Management. “Fellows graduate with improved leadership skills, a strong professional network and practical knowledge on how to effectively serve on nonprofit boards.”

Since 2021, Golub Capital has also established Social Impact Labs at The University of Chicago Booth School of Business and Stanford’s Graduate School of Business.

As of July 1, 2024, Golub Capital had over 950 employees and over $70 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.

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.

NEW YORK, November 11, 2024 — Golub Capital acted as Administrative Agent, Left Lead Arranger and Joint Bookrunner on a $330 million unitranche facility for Crunch Fitness. Terms of the deal were not disclosed.

Crunch Fitness is a U.S.-based health club chain of over 450 franchised and corporate owned fitness clubs globally. It has been a portfolio company of TPG Growth since 2019.

The $330 million unitranche facility is composed of a $40 million revolving credit facility and a $290 million first-lien term loan.

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 $700 million and arranges syndicated credit facilities up to $2 billion.

Private equity-backed companies continue to demonstrate resilience and adaptability, consistent with the last 8 quarters.

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

NEW YORK, October 9, 2024 – Middle market private companies in the Golub Capital Altman Index grew earnings by 8% during the first two months of the third quarter of 2024. Revenue grew 5% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “Solid revenue and earnings growth continued for companies in the Golub Capital Altman Index for the eighth consecutive quarter. The cost discipline and pricing power we highlighted throughout the recent inflationary period continues to pay dividends for many companies in our sample, as aggregate earnings growth materially outpaced aggregate revenue growth for the fifth consecutive quarter. These encouraging trends come with a caveat. Dispersion in operating performance is increasing, both in our sample and in the broader credit market. Even in a strong sector like Technology, which posted another quarter of double-digit earnings growth, there’s a striking performance gap between mission-critical enterprise software providers with dominant market share and others in more fragmented and competitive markets. We expect to see greater performance dispersion in the coming period, both within and across sectors.”

Dr. Edward I. Altman said, “We noted in last quarter’s report that the balance of headwinds and tailwinds facing consumers would be an important dynamic for investors to watch in the second half of 2024. Our sample of Consumer companies painted a mixed picture in Q3 2024, much like recent macroeconomic data. Solid revenue and EBITDA growth, in aggregate and in most sectors in our sample, suggests consumer spending continued to surpass low expectations, while a slight decline in EBITDA year-over-year indicates that wage growth and labor market strength continued to put pressure on margins. These mixed signals, together with increased dispersion in operating performance, illustrate that while many companies are adapting well to this environment, the lowest-performers are falling further behind. Our data suggests that skill at avoiding problem credits, especially for firms that are vulnerable to relatively high interest costs, and at managing problems effectively when they occur, are likely to be key drivers of investor returns in the coming period.”

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. 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.

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.

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.

NEW YORK, September 30, 2024/ TOKYO, October 1, 2024 – Mizuho Financial Group, Inc. (together with its affiliates, “Mizuho”) and Golub Capital LLC (together with its affiliates, “Golub Capital”) today announced a strategic partnership.

As part of the agreement, Mizuho has purchased a passive, non-voting minority stake¹ in Golub Capital’s management companies, and Mizuho will serve as a strategic distribution partner for Golub Capital in Japan, including being the exclusive distributor of Golub Capital’s investment products to retail and high net worth investors in the country. Additionally, Mizuho and Golub Capital will explore collaborating on future “win-win” business opportunities to better serve their respective key stakeholders.

Golub Capital plans to use the proceeds from Mizuho’s investment to further enhance its ability to deliver distinctive, compelling and reliable financing solutions to private equity sponsors. All proceeds from the transaction will remain invested in Golub Capital.

“This strategic partnership represents a strong endorsement of our franchise by a global financial institution with a home office in Japan,” said David Golub, President of Golub Capital. “We remain focused on deepening our commitment to investors in Japan and delivering more opportunities to investors seeking access to our proven private credit strategies.”

This announcement marks the first time Mizuho has taken a direct stake in a U.S.-based private credit asset manager. Golub Capital’s strategy, management team and day-to-day operations will not change as a result of Mizuho’s investment. Mizuho’s stake represents an economic interest in Golub Capital’s management companies of less than 5%. Additional terms of the investment were not disclosed.

“We are delighted to partner with Golub Capital, a leading alternative asset manager, to meet the increasingly diversified needs of investors in Japan,” said Masahiro Kihara, President and GCEO of Mizuho Financial Group, Inc. “Mizuho will continue to enhance its investment capabilities and expand its product lineup, contributing to both individual wealth growth in Japan and the continued success of our asset management business.”

Mizuho and its affiliate, Greenhill & Co., acted as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP and Davis Polk & Wardwell LLP acted as legal advisors to Mizuho. Evercore served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Golub Capital on the transaction.

Mizuho
Mizuho Financial Group, Inc. is the 17th largest bank in the world as measured by total assets of ~$2 trillion, according to S&P Global 2024. Mizuho’s 65,000 employees worldwide offer comprehensive financial services to clients in 36 countries and 850 offices throughout the Americas, EMEA, and Asia.

Mizuho Bank, Ltd., the banking arm of Mizuho Financial Group, Inc., is a leading global bank with one of the largest customer bases in Japan and an extensive international network covering financial and business centers around the world. We continue to pride ourselves on our “customer first” principle as a centerpiece in servicing both our individual and corporate customers with the goal of becoming their most trusted bank.

Mizuho has positioned “Support for the Doubling of Asset-based Income” as one of the key focus areas in our medium-term business plan. Mizuho will continue to enhance its investment capabilities and expand its product lineup, contributing to individual wealth growth in Japan by providing investment opportunities in high-quality investment products that meet the diversifying needs of investors. For more information, please visit https://www.mizuhogroup.com.

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.

Investment made by Mizuho Bank, Ltd., the banking arm of Mizuho Financial Group, Inc.

NEW YORK, July 17, 2024 — Golub Capital acted as Administrative Agent, Left Lead Arranger and Sole Bookrunner on a unitranche facility to support TA Associates’ acquisition of Community Brands’ Association & Events (“A&E”) and Nonprofit Solutions divisions. Terms of the deal were not disclosed.

The acquired A&E and Nonprofit Solutions division will form the basis of TA’s newly-created strategic platform, Momentive Software. Momentive is dedicated to providing purpose-driven organizations with the cloud-based software, services and payment solutions needed to move their missions forward.

The unitranche facility is composed of a revolver, term loan and delayed draw term loan. Golub Capital’s capital markets team successfully lead an oversubscribed syndication of a group of 15 diverse lenders.

Golub Capital has been a lender to Community Brands since 2018, and has a longstanding relationship with TA. As of June 30, 2024, Golub Capital has over $29 billion of software and technology capital under management across 185 active 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 $700 million and arranges syndicated credit facilities up to $2 billion.

As of April 1, 2024, Golub Capital had over 925 employees and over $70 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.

About Momentive Software (formerly Community Brands)
Momentive Software amplifies the impact of over 30,000 purpose-driven organizations in over 30 countries. Mission–driven organizations and associations rely on the company’s cloud-based software and services to solve their most critical challenges: engage the people they serve, simplify operations, and grow revenue. Built with reliability at the core and strategically focused on events, careers, fundraising, financials, and operations, our solutions suite is bound by a common purpose to serve the organizations that make our communities a better place to live. Learn more at communitybrands.com.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit: www.ta.com.

Private equity backed companies show solid revenue and earnings growth, consistent with the last 7 quarters.

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 9, 2024 – Middle market private companies in the Golub Capital Altman Index grew earnings by 11% during the first two months of the second quarter of 2024. Revenue grew 7% during the same period.

Lawrence E. Golub, CEO of Golub Capital, said, “Q2 2024 performance was once again strong, marking the seventh consecutive quarter of robust median revenue and earnings growth for companies in the Golub Capital Altman Index. That said, there was notable divergence between the relatively less strong performance of the Consumer sector and the double-digit earnings growth of the Healthcare, Industrials and Technology sectors. We have been anticipating a reduced growth rate in the Consumer sector as the effects of pandemic-era stimulus and excess savings continue to run off. These numbers are actually a little better than expected in that context, as wage growth, job creation, immigration and low unemployment have kept consumer spending reasonably healthy. We believe the balance of headwinds and tailwinds facing consumers will be an important dynamic for investors to watch in the second half of 2024.”

Dr. Edward I. Altman said, “The strong Q2 2024 performance of Healthcare, Industrial and Technology companies in the Golub Capital Altman Index sample is an encouraging sign heading into public company earnings season. At the same time, we would caution against over-optimism; recent macroeconomic data has been mixed, with strong June jobs growth appearing alongside weakness in areas like housing starts and the ISM Services index. Another economic headwind in the first half of 2024 was the challenge to many firms to meet escalating interest payments on their higher levels of debt. We believe it’s prudent for investors to remain humble about risk and uncertainty in today’s environment and to focus on investments and strategies that are likely to perform well across a wide range of potential scenarios.”

NEW YORK, July 8, 2024 — Golub Capital acted as Administrative Agent for the debt facility to support KKR’s significant minority investment in Quick Quack Car Wash. Proceeds will be used to support the continued acceleration of Quick Quack’s growth through innovation, marketing and organic expansion in new and existing markets.

Quick Quack Car Wash is one of the largest and fastest growing express format car wash operators in the U.S., with over 230 locations across California, Texas, Arizona, Utah and Colorado. Quick Quack’s founders and existing investor Seidler Equity Partners will continue to hold meaningful stakes alongside KKR.

The unitranche facility is composed of a term loan, revolver and delayed draw term loan. Golub Capital also provided a equity co-investment.

Golub Capital has been lead lender to Quick Quack Car Wash since 2018 and has supported the company’s growth through multiple add-on financings.

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 $700 million and arranges syndicated credit facilities up to $2 billion.

About Quick Quack Car Wash
Quick Quack Car Wash is “Fast. Clean. Loved… Everywhere.” Quick Quack has over 230 locations in California, Texas, Arizona, Utah, and Colorado and is regularly recognized for its community-building efforts as well as its environmentally friendly business practices. Quick Quack celebrates a company culture of “Smart, Kind, and Driven” with leaders, team members, and community partners working together to ensure that customers “Don’t Drive Dirty!” More information is available online at www.DontDriveDirty.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Seidler Equity Partners
Seidler Equity Partners and its affiliates have been investing in market-leading companies since 1992. SEP aligns with business founders and management teams to achieve long-term growth and preserve company stewardship. For more information, visit www.SEPfunds.com.

CHICAGO, June 6, 2024 — Golub Capital acted as Administrative Agent, Lead Arranger and Sole Bookrunner on a unitranche facility to support Freddy’s Frozen Custard & Steakburgers (“Freddy’s”). The facility is composed of a term loan and a revolver; proceeds will be used to support Thompson Street Capital Partners’ (“TSCPs’”) refinancing of the Company’s existing first lien credit facility. Additional deal terms were not disclosed.

Freddy’s is a fast casual franchisor of steakburgers, shoestring fries and freshly churned frozen custard. It was acquired by TSCP in 2021.

“This transaction demonstrates the flexibility offered by private credit and the simplicity of unitranche facilities which allow businesses to stay focused on success,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We’re delighted to further our partnership with TSCP with this transaction.”

“Golub Capital provided ease of execution and flexibility. We look forward to this next phase of growth for Freddy’s,” said Alexis Vanstone, Director at TSCP.

Golub Capital was previously a lender to Freddy’s in 2021 on a unitranche facility. Golub Capital manages over $12 billion across more than 75 portfolio companies in the consumer, restaurant and retail industry, including over $1.3 billion in the restaurant industry.

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 $700 million and arranges syndicated credit facilities up to $2 billion.

About Freddy’s
Freddy’s is a leading fast-casual franchise concept with more than 500 locations across 36 states nationwide. Founded in Wichita, Kansas, in 2002, the brand offers a unique combination of cooked-to-order steakburgers, all-beef hot dogs, shoestring fries and other savory items along with freshly churned frozen custard treats. Known for operating the Freddy’s Way, guests experience genuine hospitality and food prepared fresh with premium ingredients. This signature approach has fueled Freddy’s ongoing growth throughout the U.S. and garnered national recognition from industry-leading rankings, including being named No. 23 on Fast Casual’s Top 100 Movers + Shakers, No. 67 on Entrepreneur’s Franchise 500, No. 78 on Entrepreneur’s 2024 Fastest-Growing Franchises and No. 36 on Yelp’s 50 Most Loved Brands. For more on Freddy’s, visit the Newsroom and follow us on Facebook, Twitter, and Instagram. For more information about development opportunities, visit https://freddysfranchising.com/.

About Thompson Street Capital Partners
Thompson Street Capital Partners (tscp.com) is a middle-market private equity firm that helps transform already exceptional businesses into market leaders. Based in St. Louis, Missouri, TSCP invests globally in the life sciences and healthcare, software and technology, business and consumer services and products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions.