Golub provides $225m unitranche on restaurant chain buy

The loan comes two months after the firm’s largest unitranche deal to-date, a $675m loan to PetVet Care Centers.

Golub Capital has provided a $225 million unitranche facility to back private equity firm Advent International’s acquisition of First Watch Restaurants, the Chicago-based mid-market lender said on Thursday.

The loan facility and acquisition will support First Watch’s opening additional restaurant locations and operational expenses, a statement read. Golub, which has been a lender to the restaurant chain since 2011 the latter was acquired by Freeman Spogli & Company, was administrative agent, joint bookrunner and joint lead arranger on the deal.

Golub’s support has helped First Watch grow from 92 restaurants in 2011 to over 300 restaurants across 26 states to date, Greg Cashman, senior managing director at Golub, said in the statement.

The farm-to-table diner restaurant brand was founded in 1983 and is currently based in University Park, Florida near Miami. Advent is a global private equity investor with $39 billion in assets under management as of 31 March.

The acquisition loan to Advent comes two months after the firm provided its largest unitranche deal to-date, a $675 million loan to PetVet Care Centers, an Ontario Teachers’ Pension Plan portfolio company, to refinance its existing debt. Golub labels its unitranche products Golub One-Loan Debt facility, or “GOLD” facility.

The firm’s mid-market lending group provides senior financing in addition to its unitranche GOLD financings for private equity-backed transactions with hold positions of up to $400 million and arranges credit facilities up to $750 million, according to the statement.

Golub and First Watch were not immediately available to comment. Advent declined to comment.