NEW YORK, July 12, 2007 /PRNewswire/ — Golub Capital today announced that it has provided $26.6 million of subordinated debt and $4.0 million of equity in connection with the acquisition of API Heat Transfer Holding Company (“API”) by Industrial Growth Partners. GE Capital provided the senior debt on the deal.
Headquartered in Buffalo, N.Y., API is one of the largest full service designers and manufacturers of industrial heat exchangers in North America. The company operates four manufacturing facilities located in the U.S., Germany and China. Additionally, the company employs over 800 people who provide sales, engineering and manufacturing expertise to support the company’s well-known heat exchanger brands including Basco, Whitlock, Schmidt and Airtech.
This is Golub Capital’s fifth deal with Industrial Growth Partners. “We are excited to have the opportunity to partner with Industrial Growth Partners again, especially because API is such a great company,” said Jim Higgins, a principal in Golub Capital’s San Francisco office. “API is a market leader within the heat transfer industry. We are excited to be a part of the company’s growth for years to come.”
Founded in 1997, Industrial Growth Partners provides equity capital to privately held manufacturing companies that have revenues of between $30 million and $150 million and a history of profitability. The firm’s most recent fund, Industrial Growth Partners III, L.P., is a $400 million fund, which brings the firm’s capital under management to $825 million.
About Golub Capital
Golub Capital is an active provider of one-loan debt financings (through the Firm’s proprietary GOLD facility), and we offer innovative combinations of senior debt, subordinated and second lien debt, preferred stock and co- investment equity capital. The firm is committed to being a value-added and user-friendly partner to owners, senior management and transaction sponsors. With a broad investment mandate and long-term time horizon, Golub Capital has a high level of flexibility in structuring investments. Typical investments range from $5 million to $75 million, with additional capital available for future growth. Golub Capital is a national firm with offices in Atlanta, Chicago, New York and San Francisco. For more information, please visit http://www.golubcapital.com/.
If you need more information regarding this transaction, please contact Lawrence Golub, President, at 212-660-7272 or [email protected].
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SOURCE: Golub Capital