Golub Capital was the Sole Bookrunner and Administrative Agent on a senior credit facility to support the recapitalization of Data Innovations by Battery Ventures, which first invested in the company in 2010.
Founded in 1989, Data Innovations is a clinical and blood laboratory middleware company. The company products are used to manage laboratory operations, including pre-analytical, analytical, and post-analytical sample processing and non-clinical tasks such as equipment maintenance and specimen archiving. Data Innovations is headquartered in South Burlington, VT and has additional offices in Belgium, Brazil, China, France, and the United Kingdom (www.datainnovations.com).
“Consistent with our past experiences, Golub’s deep understanding of the software and technology services industry, ability to offer value-added financing solutions across the capital structure, and efficient execution led to a smooth closing. We look forward to closing additional transactions with Golub in the future,” said Chelsea Stoner, a General Partner at Battery Ventures.
Golub offers buy-and-hold products ranging from $10 million to $75 million and includes one-loan financings, senior, 2nd lien and subordinated debt, preferred stock and co-investment equity. The firm underwrites and syndicates first lien loans up to $300 million. Golub Capital will hold up to $200 million per transaction. Industries of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub has offices in New York and Chicago (www.golubcapital.com).
“With their strong market leadership, differentiated products, and excellent management team, Data Innovations is well positioned to capitalize on the attractive market dynamics within the laboratory middleware industry,” said Andy Steuerman, Head of Middle Market Lending at Golub Capital. “We are excited to partner with this exceptional company and sponsor.”
Battery Ventures invests in seed, early, growth and buyout opportunities in technology and related markets. Sectors of specific interest include software and services, web infrastructure, e-commerce, digital media and industrial technologies. The firm was founded in 1983 and is based in Boston with additional offices in Silicon Valley and Israel (www.battery.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-6-14