Golub backs Boot Barn with $100m loan

The Chicago-based debt fund manager has closed its third transaction with a portfolio company of Freeman Spogli.

 Mid-market debt fund manager Golub Capital has provided a $100 million term loan to footwear retailer Boot Barn.

The loan will be used to refinance Boot Barn’s debt, as well as to support the firm in its buyout of shoe manufacturer Baskins Acquisition Holdings.

Golub calls this type of loan a ‘GOLD debt facility’ – essentially a unitranche-style, one-loan product.

Boot Barn is a portfolio company of Freeman Spogli, a private equity firm that exclusively invests in consumer-related and distribution companies in the US.

The loan will be used help Boot Barn finalise the closing of the Baskins Acquisition buyout, which will bring the firm’s current operations up to 148 stores in 23 states extending across California, Florida, Dakotas and Texas.

Troy Oder, managing director at Golub Capital, attributed Boot Barn’s ability to refinance to the strength and expertise of its the company’s senior management team, supported by Freeman Spogli.

He believes there are significant opportunities in investing in “growing niche segments in the US, as the market enters its next phase of growth”.

Boot Barn and Freeman Spogli did not respond to a request for comment at press time.

Golub Capital provides debt solutions for the mid-market, including one-loan financings, senior, second lien, and subordinated debt, preferred stock and co-investment equity. The firm underwrites and syndicates senior credit facilities up to $300 million.