Golub Capital, the US mid-market lender, has inked a deal with C. B. Fleet Company for a senior credit facility to support the company’s acquisition by private equity firm Gryphon Investors. The size of the loan was not disclosed. Golub acted as the sole lead arranger and administrative agent in the transaction, which is its fourth with Gryphon, Golub announced on Monday.
Fleet Laboratories was founded in 1869 and is based in Lynchburg, Virginia. The company manufactures and markets a portfolio of over-the-counter branded health and personal care products in the feminine hygiene, gastrointestinal and infant care categories.
“Fleet Laboratories is a unique and attractive platform in the OTC health and personal care market due to its scale, established infrastructure and portfolio of well-established, trusted, and widely recognized brands,” Spyro Alexopoulos, managing director at Golub Capital, said in a statement. “Gryphon and management have proven brand building capabilities and we are excited to partner with them to continue to grow the business.”
Gryphon Investors is based in San Francisco and focuses on leveraged acquisitions of, and growth investments in, mid-market companies in partnership with experienced management teams. The firm has made $1.4 billion in commitments. It invests up to $100 million per transaction in companies with sales of about $100 to $500 million.
Golub’s mid-market lending team structures financing with hold positions of up to $250 million. The team also underwrites and syndicates senior credit facilities and a proprietary suite of GOLD (one-loan debt) facilities, up to $500 million. The firm has $10 billion in capital under management and lending offices in Chicago, New York and San Francisco.