Golub provides senior credit for software buyout

Golub Capital has arranged a $195 million senior credit facility to support the acquisition of tech company PowerPlan by private equity sponsor Thoma Bravo. The New York-based mid-market lender acted as the joint lead arranger, joint bookrunner and senior administrative agent in the transaction, Golub announced today (23 February).

PowerPlan is an enterprise software company that assists businesses in the utilities, oil and gas, transportation, telecommunications and mining industries and helps them improve their financial performance. The company combines software for asset-centric accounting, tax and budgeting/analytics with domain expertise to help executives generate cash, mitigate compliance risk and achieve cost management.

The deal marks Golub’s sixth transaction with a Thoma Bravo portfolio company. The firm’s other recent transactions included the acquisitions of Sparta Systems and Global Healthcare Exchange, both of which closed in 2014.

Thoma Bravo is a private equity firm that collaborates with company management to improve business operations and provides capital to support growth initiatives. The firm focuses on application and infrastructure software and technology services. It handles several private equity funds with a combined $7.5 billion in assets under management 

Golub Capital’s mid-market lending team structures credit facilities 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 for up to $500 million. The firm has $10 billion of capital under management across four business lines: mid-market lending, late-stage lending, broadly syndicated loans and opportunistic credit. Golub Capital’s lending offices are located in Chicago, New York and San Francisco.