Golub Capital Provides $225 Million One-Loan Debt Facility to Support the Acquisition of First Watch Restaurants, Inc. by Advent International

NEW YORK, Aug. 24, 2017 /PRNewswire/ — Golub Capital recently announced that as Administrative Agent, Joint Bookrunner and Joint Lead Arranger, it provided a $225 million GOLD facility to support the acquisition of First Watch Restaurants, Inc. (“First Watch” or the “Company”) by Advent International (“Advent”). GOLD financings are Golub Capital One-Loan Debt facilities.

Advent will support First Watch’s continued growth through ongoing restaurant expansion, increased awareness and operational initiatives. Golub Capital has been a partner and lender to First Watch since 2011.

Headquartered in University Park, Florida, and founded in 1983, First Watch operates full-service daytime cafés under the First Watch and The Egg & I brands. The restaurants serve breakfast, brunch and lunch, seven days a week. The Company provides customers a unique farm-to-table experience with a focus on fresh ingredients and outstanding service.

“We are pleased to continue our long-term lending relationship with First Watch,” said Greg Cashman, Senior Managing Director at Golub Capital. “We have been able to support financing for the Company’s growth from 92 restaurants in 2011 to over 300 restaurants across 26 states to date, and look forward to their continued growth and success.”

Other financing partners included The Carlyle Group, Ares Management, and Goldman Sachs Asset Management.

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 $400 million and is an arranger of credit facilities up to $750 million. Golub Capital’s award-winning team strives to establish long-term, win-win partnerships by providing dependable, fast and creative solutions that meet private equity sponsors’ and portfolio companies’ needs.

Golub Capital is a nationally recognized credit asset manager with over $20 billion of capital under management. For over 20 years, the firm has provided credit to help medium-sized U.S. businesses grow. The firm’s award-winning middle market lending business helps provide financing for middle market companies and their private equity sponsors. Golub Capital’s credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 300 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com.

About First Watch

Founded in 1983 in Pacific Grove, CA, First Watch specializes in award-winning, made-to-order Breakfast, Brunch and Lunch. A recipient of more than 200 “Best Breakfast” and “Best Brunch” accolades, First Watch offers traditional favorites, such as omelettes, pancakes, sandwiches and salads, and unique specialty items like Quinoa Power Bowls, Avocado Toast and the Chickichanga. First Watch was recognized as one of Nation’s Restaurant News’ 2017 Second 100 restaurant brands, and was named the 2016 top Family Dining restaurant by Consumer Reports and a 2015 Top Consumer Pick by Nation’s Restaurant News. First Watch is the largest and fastest-growing daytime-only restaurant concept in the United States with more than 300 restaurants in 26 states, including more than 200 First Watch restaurants, 85 The Egg & I restaurants and one Bread & Company restaurant in Nashville. For more information, visit firstwatch.com.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 325 private equity transactions in 41 countries and as of March 31, 2017, had $39 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com.

SOURCE Golub Capital