DOCSLIB.ORG

10TH ANNUAL MID-MARKET AWARDS by Mary Kathleen Flynn, Demitri Diakantonis, Danielle Fugazy, Kamaron Leach and Keith Button

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
10TH ANNUAL MID-MARKET AWARDS by Mary Kathleen Flynn, Demitri Diakantonis, Danielle Fugazy, Kamaron Leach and Keith Button APRIL 2017 | THEMIDDLEMARKET.COM Roundtable: Lower middle market keeps up busy pace, p.29 DJ DEB SNAGS DELL’S SOFTWARE GROUP AND EARNS ONE OF THE 10TH ANNUAL MID-MARKET Dipanjan “DJ” Deb CEO, Francisco Partners AWARDS Private Equity Firm of the Year PUBLISHED IN PARTNERSHIP WITH 001_MAJ040117 1 3/8/2017 2:25:30 PM CONSISTENT EXECUTION TAKES YOU HIGHER. Side-by-side. That’s where we start and where we remain throughout the lifecycle of a transaction. For more than two decades, our innovative financing solutions, reliable deal execution and sophisticated perspective on the middle market have made all the difference. View our completed transactions at Antares.com Consistency by design. 002_MAJ0417007053_01_ANT_Sponsor_Full_Page_7875x105_v2.indd 2 1 3/7/20172/24/17 11:27:59 12:50 AM PM Contents April 2017 | Volume 52 | Number 04 Cover Story M&A Mid-Market Awards DJ Deb snags Dell’s software group and earns Private Equity Firm of the Year 16 Watercooler Roundtable 4 Earvin “Magic” Johnson 29 Lower Middle Market Keeps keynotes InterGrowth Up Busy Pace • Waiting for clarity on ACA 6 Rising interest in chemicals DATA 7 Robust M&A in 28 Mid-Market industrials Pulse: Consumer 9 SaaS deals carry on Goods and Retail Columns 44 Mid-Market 10 Private Equity Perspective: Conditions Our Redesigned Wesbite Index 12 The Buyside: 46 Dealflow Packaging Frozen Food Deals 14 Finance Finesse: Small Pond, Guest Article 42 Good Time To Buy Companies Bigger Returns Cover Photograph by GaryLaufman.com April 2017 MERGERS & ACQUISITIONS 1 001_MAJ040117_001 1 3/8/2017 2:26:46 PM Inside Word April 2017 Volume 52, Number 04 Editor-in-Chief Mary Kathleen Flynn [email protected] Assistant Managing Editor Demitri Diakantonis [email protected] Reporter Kamaron Leach [email protected] Contributing Editor Danielle Fugazy [email protected] Group Editorial Director, Banking and Capital Markets Richard Melville [email protected] VP, Capital Markets Harry Nikpour [email protected] Senior Sales Manager Richard Grant Best in Class [email protected] VP, Research Dana Jackson [email protected] ongratulations to the 2016 winners of Mergers & Acquisitions’ 10th Annual M&A VP, Content Operations and Creative Services Paul Vogel Mid-Market Awards! [email protected] C Director of Creative Operations Michael Chu Deal of the Year: ResMed Inc. (NYSE: RMD), for the $800 million purchase [email protected] Art Director Nikhil Mali of Brightree, a developer of cloud-based software to improve clinical and business [email protected] Director of Content Operations Theresa Hambel performance for post-acute-care (PAC) providers, in a deal that embodied many of the [email protected] underlying trends in the healthcare sector. Dealmaker of the Year: Gregory Sandfort, CEO of Tractor Supply Co Marketing Manager Raquel Lucas . (Nasdaq: [email protected] TSCO), for the $116 million acquisition of Petsense LLC, which allowed the largest operator of rural lifestyle stores in the U.S. to expand rapidly in the lucrative pet retail market. Private Equity Firm of the Year: Francisco Partners, for a stellar 2016, including the complex $2.4 billion purchase of Dell Inc.’s software group and the subsequent carve- CHIEF EXECUTIVE OFFICER Douglas J. Manoni outs of Quest Software and SonicWall. CHIEF FINANCIAL OFFICER Michael P. Caruso Investment Bank of the Year: Harris Wiliams & Co., for growth in all areas, CHIEF REVENUE OFFICER Marianne Collins EVP & CHIEF CONTENT OFFICER David Longobardi including deal volume and value, combined with successful leadership transition in the CHIEF PRODUCT & AUDIENCE OFFICER Minna Rhee bank’s 25th year in business. CHIEF MARKETING OFFICER Matthew Yorke Seller of the Year: the Halifax Group, for three significant and profitable exits, SVP, CONFERENCES & EVENTS John DelMauro SVP, HUMAN RESOURCES Ying Wong including the $331.4 million sale of Envision Pharma Group to Ardian, HGO Capital and Envision management. Strategic Buyer of the Year: Dover Corp. (NYSE: DOV), for spending $1.6 billion Reproduction or electronic forwarding of this product is a violation of federal copyright law! Site licenses are available -- please call Customer Service to acquire six companies, including the $780 million purchase of Wayne Fueling Systems (212) 803-8500 or [email protected] Ltd., which leverages the upgrade to chip-reading payment systems at retailers, including Mergers & Acquisitions (ISSN 0026-0010) Vol. 52 No.04, is published monthly with combined issues in July/August and November/December by gas stations, throughout the world. SourceMedia, Inc. One State Street Plaza, 27th Floor, New York, NY 10004. Law Firm of the Year: Kirkland & Ellis, for advising on a high volume of completed Telephone: (212) 803-8200. Customer Service: For subscriptions, renewals, address changes and delivery mid-market transactions and working on many technology-focused private equity fund service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]; or send correspondence to Customer Service- formations, including the $7.6 billion Thoma Bravo Fund XII, the $1.84 billion HGGC Mergers & Acquisitions, SourceMedia, One State Street Plaza, 27th Floor, New Fund III and ParkerGale’s debut $240 million fund. York NY 10004. Periodicals postage paid at New York, NY, and additional mailing offices. Lender: Golub Capital, for growth in all areas, including significant staff expansion, Subscriptions: Yearly subscription is $1,995; $2035 for one year in all other increasing buy and hold capacity, and closing the biggest deal in the firm’s history, with a countries. $605 million loan to support Roark Capital’s purchase of Pet Valu and Pet Supermarket. Postmaster: Send address changes to: Mergers & Acquisitions / Source Media, Inc., One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Advertising: For information, contact Harry Nikpour at (212) 803-8638 or harry. [email protected]. For more information about reprints and licensing content from Mergers & Acquisitions, please visit www.SourceMediaReprints.com or contact PARS Mary Kathleen Flynn International Corp. (212) 221-9595. This publication is designed to provide accurate and authoritative information Editor-in-Chief regarding the subject matter covered. It is sold with the understanding that the Mergers & Acquisitions | TheMiddleMarket.com publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. Mergers & Acquisitions is a registered trademark used Email me at [email protected] herein under license. Follow me on Twitter @MKFlynn © 2017 Mergers & Acquisitions and SourceMedia, Inc. All rights reserved. 2 MERGERS & ACQUISITIONS April 2017 002_MAJ040117 2 3/8/2017 2:49:30 PM An Angelo, Gordon Company Experience matters. TwinBrook Capital Partners’ senior-level team has been serving the middle market for over 20 years. We’ve established long-term relationships with over 300 PE sponsors and closed transactions with over 220 middle market PE rms. $4.5+ Billion $2.3 Billion 80 of committed capital of commitments issued to date closed transactions $61M $36M $40M Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Administrative Agent Administrative Agent Administrative Agent Administrative Agent Leveraged Buyout Leveraged Buyout Leveraged Buyout Leveraged Buyout FEBRUARY 2017 FEBRUARY 2017 JANUARY 2017 JANUARY 2017 $115M $62M $375M $97.5M Sole Lead Arranger & Sole Lead Arranger & Administrative Agent Sole Lead Arranger & Administrative Agent Administrative Agent Recapitalization Administrative Agent Leveraged Buyout Leveraged Buyout Add-On Acquisition DECEMBER 2016 DECEMBER 2016 DECEMBER 2016 DECEMBER 2016 $16M Administrative Agent Sole Lead Arranger & Sole Lead Arranger & Sole Lead Arranger & Leveraged Buyout Administrative Agent Administrative Agent Administrative Agent Leveraged Buyout Recapitalization Leveraged Buyout DECEMBER 2016 NOVEMBER 2016 NOVEMBER 2016 OCTOBER 2016 For a complete list of transactions, visit twincp.com. 003_MAJ0417 3 3/7/2017 11:28:11 AM Watercooler says Carter Morse & Mathias managing at Marwood Group, a healthcare- Earvin “Magic” Johnson partner Ramsey Goodrich, who chairs the focused advisory and consulting firm keynotes InterGrowth 2017 conference. headquartered in New York. Mergers “I think you’re going to he Association for Corporate see more deals coming out Growth (ACG)’s InterGrowth of InterGrowth.” Goodrich 2017 conference at the Aria Resort adds that buyers are behaving T& Casino in Las Vegas, April 24-26, offers aggressively again, with a plethora of opportunities to connect the U.S. election in the with other middle-market dealmakers and rearview mirror. Consumer a coveted chance to hear keynote speaker good and retail; healthcare; Earvin “Magic” Johnson. manufacturing; business Point guard for the Los Angeles Lakers services; and technology for 13 seasons, Johnson currently serves are among the sectors he as the team’s president of basketball anticipated will be more operations. He also serves as CEO of active. “There’s a renewed Magic Johnson Enterprises, an investment sense of pro-business optimism.” & Acquisitions spoke with Gaffin conglomerate valued at an estimated In addition
Load more

Recommended publications
  • GOLUB CAPITAL BDC, INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 27-2326940 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 814-00794 GOLUB CAPITAL BDC, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 27-2326940 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 200 Park Avenue, 25th Floor, New York, NY 10166 (Address of Principal Executive Offices) (Zip Code) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share GBDC The Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Opening Remarks and Introduction
    Opening Remarks and Introduction UWF Foundation, Inc. Board of Directors Zoom Meeting September 9, 2020 3:30 - 5:00 p.m. Agenda Opening Remarks/ Introduction Jason Crawford, BOD Chair Call to Order / Agenda Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary Information Reports University Update Martha Saunders, UWF President Advancement Report Howard Reddy, VP for Advancement Audited Financial Statements* Diane Martinez, Molly Murphy and Allison Jones Alumni Report Eric Brammer, Alumni Assoc. President CFO’s Report Dan Lucas, Chief Financial Officer Housing Update Neil McMillion Committee/Officers Reports Executive Committee Jason Crawford, BOD Chair Actions of the Executive Committee* Investment Committee James Hosman, BOD Vice Chair Quarterly Performance Report Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee* Audit Budget Committee Rodney Sutton, BOD Treasurer Budget to Actual Reports - Housing & Foundation Statement of Functional Expenses Unspent Budget Report Actions of the Audit Budget Committee* Grant Committee Tim Haag, Chair Next Meeting – Thursday, November 19, 2020 Nominating Committee Gail Dorsey, BOD Immediate Past Chair Next Meeting – Thursday, November 12, 2020 Other Business Jason Crawford, BOD Chair Conflict of Interest Policy & Disclosure form Closing Remarks from Chair Jason Crawford, BOD Chair Adjourn *Indicates possible action item for the Board. UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING Zoom Meeting June 17, 2020 @ 3:30 p.m. – 5:00 p.m. Present: Members: Dick Baker, Connie Bookman, Eric Brammer, Rick Byars, Jason Crawford, Dr. Matthew Crow, Gail Dorsey, Megan Fry, John Gormley, Tim Haag, David Hightower, James Hosman, Trip Maygarden, Amber McClure, John Peacock, David Peaden, Bill Rone, Dr.
    [Show full text]
  • High-Powered, the Energy Revolution Uncorrelated, LLC
    The Investment Lab Learn. Apply. Brainstorm. High-Powered, The Energy Revolution Uncorrelated, LLC Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/23/2021 “For decision makers trying to reconcile economic, energy security and environmental objectives, it is essential to be aware of the dynamics at the heart of today’s energy market. We have the tools to deal with such profound market change. Those that anticipate global energy developments successfully can derive an advantage, while those that do not risk taking poor policy and investment decisions.” Maria van der Hoeven, Executive Director, IEA World Energy Outlook 2013 2 Downloaded from www.hvst.comAll Rights Reserved, Uncorrelated, by IP address LLC 2014, 192.168.160.10 The Investment Lab on 09/23/2021 All Rights Reserved, Uncorrelated, LLC 2014, The Investment Lab A ragtag team of wildcatters, dreamers, and the just plain desperate changed the course of the nation during the dark days of the financial crisis. In the backyards of Pennsylvania homes, under the headquarters of Exxon, and in the plains of North Dakota, these men found a way to extract energy from the deepest, most densely packed parts of the earth. Almost overnight, this country transitioned from a crotchety chorus of Peak Oil pessimists into flag-waving energy optimists. For investors, this signaled a rare opportunity. On June 19, 2014, a select group of pension, family office, and endowment and foundation investment officers gathered in New York City along with asset managers and Fund Evaluation Group consultants to wrestle with the investment implications of our energy independence, both in the short and long run.
    [Show full text]
  • For Golub Capital, the Chance to Participate in a Middle-Market
    v o i c e o f t h e d e a l e c o n o m y v o l . 9 n o . 8 m a y 9 — m a y 22 2011 n March 16, andrew Steuerman, a senior managing director AnAtomy at new York-based Golub capital Inc., of A knew there was an excellent chance he middle-mArket and his team had won the mandate lender on a highly coveted loan. With the first quarter drawing to a close, lenders to the middle mar- ket like Golub were just beginning to glimpse a better deal market on the horizon. So many transactions had Obeen slated for year-end 2010 because of what turned For out to be a moot tax issue that the start of the new Year Golub Capital, was frustratingly slow. corporate lenders had already devoured more than enough refinancings and needed the ChanCe time to digest them. refinancings in the middle market would account for $20.6 billion in the quarter, compared to partiCipate with $14.3 billion in new money, according to statistics from Thomson reuters Loan Pricing corp. and the debt in a market had become overheated, with investors coming into the loan market seeking yield wherever they could middle-market find it, even in the middle market or in exotic financing structures not seen since before the financial crisis. buyout however, debt investors salivated at the prospects of companies just beginning to show the earnings consis- meant weeks oF tency that could attract acquisition interest. March 16 was just a single day in the life of the middle prepar ation, market, but for Steuerman and his team at Golub capi- tal it represented the culmination of weeks of thinking, thouGht and preparation and planning.
    [Show full text]
  • GOLUB CAPITAL BDC, Inc. Form POS 8C Filed 2018-04-27
    SECURITIES AND EXCHANGE COMMISSION FORM POS 8C Post-effective amendments filed by certain investment companies [Section 8(c)] Filing Date: 2018-04-27 SEC Accession No. 0001144204-18-023176 (HTML Version on secdatabase.com) FILER GOLUB CAPITAL BDC, Inc. Mailing Address Business Address 666 FIFTH AVENUE 666 FIFTH AVENUE CIK:1476765| IRS No.: 471893276 | State of Incorp.:MD | Fiscal Year End: 0930 18TH FLOOR 18TH FLOOR Type: POS 8C | Act: 33 | File No.: 333-215285 | Film No.: 18784619 NEW YORK NY 10103 NEW YORK NY 10103 212.750.6060 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TABLE OF CONTENTS As filed with the Securities and Exchange Commission on April 27, 2018 Securities Act File No. 333-215285 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-2 ☐ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☐ Pre-effective Amendment ☒ Post-effective Amendment No. 4 GOLUB CAPITAL BDC, INC. (Exact Name of Registrant as Specified in Charter) 666 Fifth Avenue 18th Floor New York, NY 10103 (Address of Principal Executive Offices) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) David B. Golub Golub Capital BDC, Inc. 666 Fifth Avenue 18th Floor New York, NY 10103 (Name and Address of Agent for Service) Copies to: Thomas J. Friedmann David J. Harris William J. Tuttle Dechert LLP One International Place, 40th Floor 100 Oliver Street Boston, Massachusetts 02110-2605 (617) 728-7100 Approximate date of proposed public offering: As soon as practicable after the effective date of this Registration Statement.
    [Show full text]
  • 2Q 2019 the Market Can Turn at Any Time
    Lead sponsor In partnership with US PE Middle Market Report 2Q 2019 The market can turn at any time. But we’re prepared. With reliable access to capital. Strong client relationships. Innovative solutions. And a consistent approach to leveraged lending that’s delivered success across changing market cycles for 20+ years. Antares.com Lead sponsor In partnership with Credits & contact Contents PitchBook Data, Inc. Introduction 3 John Gabbert Founder, CEO Overview 4-5 Adley Bowden Vice President, Market Development & Analysis Antares Q&A: Daniel Barry 6-7 Content Spotlight: Sovereign wealth funds 8-10 Stephen-George Davis Analyst, PE ACG Q&A: Andrew McCabe 11-12 Darren Klees Senior Data Analyst Exits 14-15 Contact PitchBook Fundraising 16-17 Research [email protected] 2Q 2019 US PE MM lending league tables 18 Report & cover design by Kelilah King Click here for PitchBook’s report methodologies. Introduction Through the first half of 2019, US PE MM dealmaking MM fundraising figures were down in 2Q 2019; however, is matching 2018’s record-setting pace. This activity the average and median MM fund size are on pace to has been driven by an accumulation of dry powder, a reach the highest levels on record. The number of first- low interest rate environment and continued economic time funds in the MM is also on the decline, falling sharply expansion. In 2Q, manufacturing deals played an outsized from 2018 highs. Although fundraising was down, LPs role in MM activity, with four of the top 10 deals coming were busy allocating to fund strategies that perform well from the vertical.
    [Show full text]
  • Middle Market Middle Market
    ATLANTIC CONFERENCES INC. 5 6 ST 21 3 4 Symposium on ANNUAL! THE SUMMIT FOR 1 2 MEZZANINEMEZZANINE MIDDLE MARKET L M & ™ MIDDLEMIDDLE MARKET MARKET DEBT FINANCE DOOR DOOR OPEN CLOSE FINANCEFINANCE 2014 2014 May 13-14, 2014, at The Roosevelt Hotel, NYC TED KOENIG President & CEO, Monroe Capital LLC 62 HIGH-LEVEL SPEAKERS CYNTHIA KRUS Partner, Sutherland Asbill & Brennan LLP CHAIR EMERITUS: ED LEWIS Senior Managing Director, Head of Alternative Assets, Cigna Investment Management RON KAHN Managing Director, Lincoln International STEVEN LILLY Chief Financial Officer, Triangle Capital Corporation ADVISORY PANEL CHAIR: DAVID LOBEL Founder & Managing Partner, Sentinel Capital Partners DAVID BLAIR Partner, PNC Mezzanine Capital PETER LOMBARD Managing Director, Head of TMT M&A, Investment Banking, Piper Jaffray 2014 CHAIR: RYAN MCGOVERN Managing Director, Star Mountain Capital, LLC BOB HORAK Managing Director, Lincoln International PHIL MCNEILL Managing Partner, Farragut Capital Partners, LLC RICK MILLER Group Managing Director, TCW Direct Lending Group ALLAN ALLWEISS Managing Director, LBC Credit Partners JEFF MORALES Managing Director, Newstone Capital Partners, LLC GARY B. APPEL Vice Chairman, Corporate Investment–North America ROB NEWBOLD Managing Principal, Graham Partners, Inc. Investcorp International Inc BRETT PALMER President, Small Business Investor Alliance BOB ASHCOM Managing Director, SunTrust Robinson Humphrey, Inc. DAYL PEARSON Chief Executive Officer, KCAP Financial, Inc. DAVID BLAIR Partner, PNC Mezzanine Capital GRETCHEN PERKINS
    [Show full text]
  • GOLUB CAPITAL BDC, Inc. Form 424B5 Filed 2021-07-27
    SECURITIES AND EXCHANGE COMMISSION FORM 424B5 Prospectus filed pursuant to Rule 424(b)(5) Filing Date: 2021-07-27 SEC Accession No. 0001104659-21-096116 (HTML Version on secdatabase.com) FILER GOLUB CAPITAL BDC, Inc. Mailing Address Business Address 200 PARK AVENUE 200 PARK AVENUE CIK:1476765| IRS No.: 471893276 | State of Incorp.:MD | Fiscal Year End: 0930 25TH FLOOR 25TH FLOOR Type: 424B5 | Act: 33 | File No.: 333-232387 | Film No.: 211116024 NEW YORK NY 10166 NEW YORK NY 10166 212.750.6060 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TABLE OF CONTENTS Filed Pursuant to 424(b)(5) Registration No. 333-232387 Subject to Completion Preliminary Prospectus Supplement dated July 27, 2021 PRELIMINARY PROSPECTUS SUPPLEMENT (To Prospectus dated June 26, 2019) $ GOLUB CAPITAL BDC, INC. % Notes due We are offering for sale $ in aggregate principal amount of % notes due , which we refer to as the Notes. The Notes will mature on , . We will pay interest on the Notes semi-annually in arrears on and of each year, beginning on , 2022. We may redeem the Notes in whole or in part at any time, or from time to time, at the applicable redemption price discussed under the caption “Description of Notes — Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchase some or all of the Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a Change of Control Repurchase Event (as defined herein).
    [Show full text]
  • 3Q 2019 the Market Can Turn at Any Time
    US PE Middle Market Report 3Q 2019 The market can turn at any time. But we’re prepared. With reliable access to capital. Strong client relationships. Innovative solutions. And a consistent approach to leveraged lending that’s delivered success across changing market cycles for 20+ years. Antares.com Lead sponsor In partnership with Contents Credits & contact Introduction 3 PitchBook Data, Inc. John Gabbert Founder, CEO Overview 4-5 Adley Bowden Vice President, Market Development & Analysis Private debt: Top five things to watch in 2020 6-7 Spotlight: Taking stock of private market returns 8-10 Content Stephen-George Davis Analyst, PE ACG Q&A: Canadian PE veterans look to the future 12-13 Zane Carmean Senior Data Analyst Exits 14-15 Contact PitchBook Fundraising 16-17 Research [email protected] Designed by Conor Hamill Click here for PitchBook’s report methodologies. Introduction Dealmaking in the MM continues to flourish. GPs have MM fundraising is on pace to set annual records. Perennial taken particular interest in tech investments due to the MM shops continue to propel fundraising, sticking to their sector’s high level of growth, which is outpacing the skillset in the interest of consistent returns, but some larger broader market. Take-privates and divestitures were GPs boasting several strategies have also been raising MM also a major focus in the quarter as PE firms have taken funds as LPs seek to diversify their allocations. advantage of companies that performed poorly in the public markets or needed to sell off non-core assets. These sizable transactions helped bolster the median deal size, which sits at an all-time high YTD.
    [Show full text]
  • Overview of Golub Capital 04
    Golub Capital Partners 11 Fund Summary Sector: Cash Flow Lending Strategy: U.S. Middle Market Lending Sub-Strategy: Sr. Sponsor Focus Firm Overview Founded in 1994, Golub Capital (“Golub”) is a leading private credit asset manager focused on lending senior debt to private equity owned companies. Golub currently manages close to $18 billion in credit assets and is a leading originator and manager of middle market debt facilities. Golub’s platform is comprised of two primary sub-strategies: (i) direct lending (first lien loans, unitranche loans and some sub debt) and (ii) broadly syndicated loans (first lien loans). Investments are executed and managed in various fund structures designed to meet specific investor requirements (e.g. leverage, taxes, returns, regulatory, etc.). Golub currently employs close to 300 professionals including approximately 100 investment professionals across four primary offices: NY (headquarters), Chicago, Charlotte and San Francisco. In addition, there are two satellite offices in the U.S. Virgin Islands (St. Thomas and St. Croix) where Kevin Falvey (Head of Portfolio Monitoring) and his team of over 20 employees are located; per management, this location is partially for tax reasons. Fund Summary General Partner Golub Capital Sector Cash Flow Lending Strategy U.S. Middle Market Lending Sub-Strategy Sr. Sponsor Focus Main Office New York Geography U.S. Target Size $1 billion target 1.25% on gross assets (50 bps fee paid on broadly Management Fees syndicated loans) Carried Interest 20% Closing Schedule: First Close expected early 2017 Investment Period 5.5 years Extensions None Harvest Period 3-4 years following investment period Extensions None Strategy Golub is raising capital for the latest vintage of its GCP fund series - Golub Capital Partners 11 (“GCP 11”), which commenced fund raising early 2017.
    [Show full text]
  • GOLUB CAPITAL BDC, INC. (Exact Name of Registrant As Specified in Its Charter) Delaware 27-2326940 (State Or Other Jurisdiction of (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 814-00794 GOLUB CAPITAL BDC, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 27-2326940 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 666 Fifth Avenue, 18th Floor, New York, NY 10103 (Address of Principal Executive Offices) (Zip Code) (212) 750-6060 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock, par value $0.001 per share The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Download=Yes>
    Alternative Investment Analyst Review Editor's Letter: An Alternative Examination of the Costs and Benefits of Allocations to Alternatives Hossein Kazemi, Aaron Filbeck, CAIA, CAIA Association Wozu (Whereto) Hedge Funds? The Case of Equity Long-Short Strategy Masao Matsuda, CAIA, Crossgates Investment and Risk Management Fallen Angels: The Last Free Lunch Paul L. Benson, CAIA, Manuel Hayes, Mellon Value is Dead, Long Live Value Chris Meredith, O'Shaughnessy Asset Management Hedging the Real Risk of Private Equity Peter van Dooijeweert, Man Institute Diversification Study – Trend Towards More Concentrated Primary Portfolios Andrea Carnelli Dompé, Pantheon The Technology Frontier: Investment Implications of Disruptive Change David Klausner, Taimur Hyat, PGIM Why the Market Gets Sustainable Investing Wrong Wendy M. Cromwell, Wellington Management The CAIA Endowment Investable Index Hossein Kazemi, CAIA Association, and Kathryn Wilkens, CAIA, Pearl Quest The List: Alternative Indices CAIA Association Q4 2019, Volume 8, Issue 4 Chartered Alternative Investment Analyst Association® Call for Articles Article submissions for future issues of Alternative Investment Analyst Review (AIAR) are always welcome. Articles should cover a topic of interest to CAIA members and should be single-spaced. Additional information on submissions can be found at the end of this issue. Please e-mail your submission or any questions to: [email protected]. Chosen pieces will be featured in future issues of AIAR, archived on CAIA.org, and promoted throughout the CAIA community. Quarter 4 • 2019 Alternative Investment Analyst Review Editor’s Letter An Alternative Examination of the Costs and Benefits of Allocations to Alternatives The benefits of allocating to alternative investments are by now well documented.
    [Show full text]