Golub agents senior debt deal for OTPP’s veterinary buy

The $232 million senior credit facility will partially finance the acquisition of PetVet Care by Teachers Private Capital, the private equity arm of Canada’s OTPP.

Golub Capital has provided a $232 million senior credit facility to support the acquisition of PetVet Care Centers by the Ontario Teachers’ Pension Plan. The transaction was led by Teachers’ Private Capital, the private equity investment arm of the Canadian pension plan. This is Golub’s first deal with Teachers Private Capital.  

The credit firm was introduced to OTPP by Hyun Chang, the firm’s managing director who joined Golub in August last year and used to work with the OTPP private equity investment arm, when he was at JPMorgan, explained Andy Steuerman, Golub’s head of mid-market lending. 

Chang was previously an executive director in the financial sponsors group of JPMorgan and joined Golub at the same time as Michael Meagher last year. Meagher was a director in the financial sponsors group at Deutsche Bank and the two were added to expand Golub’s coverage of upper mid-market private equity sponsors. 

PetVet is an operator of veterinary hospitals for companion animals. The Ontario Teachers' Pension Plan, with C$140.8 billion in assets, is one of Canada’s largest public pension funds.  

“We have a fondness for the veterinary business and have done several deals in this space before,” Steuerman told PDI.  

Golub manages $10 billion in mid-market lending, late stage lending, broadly syndicated loans and opportunistic credit. The firm has offices in Chicago, New York and San Francisco.