Golub Capital Provides Financing to Support the Buyout of Pet Supplies Plus by Sentinel Capital Partners

Press Release
December 21, 2018

NEW YORKDec. 21, 2018 /PRNewswire/ — Golub Capital recently announced that, as Administrative Agent, Joint Lead Arranger and Joint Bookrunner, it provided financing to support the buyout of Pet Supplies Plus (“the Company”) by Sentinel Capital Partners (“Sentinel”).

Pet Supplies Plus is a leading franchisor of pet-specialty stores across the country, combining national scale with a neighborhood feel. Founded in 1988, the Company has expanded to 448 locations across 33 states to become the third largest pet specialty chain in the U.S. The stores offer a variety of natural foods, hard goods and pet services. With the financing from Golub Capital, Pet Supplies Plus can continue to invest in new store development and franchising initiatives.

“We have become increasingly active in the last 5 years in the pet industry, so when Sentinel came to us with this opportunity, we knew we could add value,” said Matt Fulk, Managing Director at Golub Capital. “Pet Supplies Plus is a great company and, combined with Sentinel’s track record, we are confident that it will prove to be a strong investment.”

“Sentinel has a long track record of investing in franchise businesses, but with this deal, we were looking for a partner with deep expertise in the pet retail industry,” said Marc Buan, a Principal at Sentinel. “We knew that Golub Capital would be able to bring relevant knowledge to the table as well as deliver the financing that we need to grow the Company.”

About Golub Capital Middle Market Lending
Golub Capital’s Middle Market Lending group provides financing for middle market, private equity-backed transactions with hold positions of up to $600 million and is an arranger of credit facilities up to $1 billion. Golub Capital’s award-winning team specializes in delivering reliable, creative and compelling financing solutions to U.S. middle market companies backed by private equity sponsors.

Golub Capital is a market-leading, award-winning private debt platform with over $25 billion of capital under management. The Middle Market Lending team has particular domain expertise in select industries, including software, technology services, healthcare, consumer and restaurant and retail. The firm’s credit expertise also forms the foundation of its Late Stage Lending business and its Broadly Syndicated Loan investment program. Across its activities, Golub Capital nurtures long-term, win-win partnerships that inspire repeat business from its private equity sponsor clients and investors. Founded in 1994, Golub Capital today has over 350 employees and lending offices in ChicagoNew York and San Francisco. For more information, please visit golubcapital.com.

About Sentinel Capital Partners
Sentinel specializes in buying and building businesses in the lower midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.

About Pet Supplies Plus
Pet Supplies Plus first opened a store in Redford, Michigan, in 1988, and since then, has grown to 448 franchised and corporate pet centers located in 33 states, making it the third largest pet-specialty retailer in the U.S. With more than 30 years of successful franchise and retail experience, PSP not only provides the tools essential for franchise operations to succeed and grow, but also the opportunity to achieve financial independence. In addition, PSP’s franchisees enjoy working in an industry that is personally rewarding, and full of happy neighbors and furry friends. For more information, please visit www.petsuppliesplus.com.