Golub Capital has provided $675 million in financing to PetVet Care Centers, an operator of veterinary hospitals for pets in the U.S. PetVet is a portfolio company of Ontario Teachers’ Pension Plan.
NEW YORK – June 13, 2017 – Golub Capital recently announced that as Sole Bookrunner, Sole Lead Arranger & Administrative Agent, it provided a GOLD facility to support the continued growth of PetVet Care Centers (“PetVet” or “the Company”), a portfolio company of Ontario Teachers’ Pension Plan (“Ontario Teachers’” or “the Sponsor”). The Company refinanced its existing first lien and second lien senior credit facilities with this GOLD facility. GOLD financings are Golub Capital One-Loan Debt facilities. This $675 million one-loan debt facility represents Golub Capital’s largest lead deal to date.
With over 600 general veterinarians and board certified specialists, ranging from emergency critical care to cardiology and orthopedic surgery, PetVet is one of the nation’s largest, fastest growing and most profitable operators of veterinary hospitals for companion animals in the United States. PetVet maintains an attractive, differentiated portfolio of locally branded hospitals, and as of March 31, 2017 operated 98 general practice, specialty, and hybrid hospitals across 19 states.
“As one of the eminent veterinary businesses in the U.S., the world-class team at PetVet has a proven track record of success,” said Hyun Chang, Managing Director of Golub Capital. “The Sponsor and Company evaluated a number of refinancing alternatives to address their dry powder needs, scalability and flexibility in their capital structure, and we are humbled to again be selected as lead partner with a highly customized GOLD refinancing to accelerate the Company’s thesis for future growth.”
Golub Capital acted as Joint Lead Arranger, Joint Bookrunner and Administrative Agent on a $232.25 million senior credit facility to support the acquisition of PetVet by Ontario Teachers’ in 2014. Ontario Teachers’ is a repeat sponsor client for Golub Capital having closed a number of transactions including Joint Lead Arranger on the $225 million incremental term loan for Shearer’s Foods in 2015 and Sole Lead Arranger on the $355 million GOLD facility refinancing for Plano Synergy in 2015.
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 Ontario Teachers’
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $175.6 billion in net assets at December 31, 2016. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 10.1% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 318,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.