Golub Capital was the Sole Bookrunner and Administrative Agent on a $165 million financing to support the acquisition of Marshall Retail Group (MRG) by Brentwood Associates. MRG had been a portfolio company of ICV Capital Partners.
Golub Capital has provided financings for Marshall Retail Group since 2007, representing a time span across 3 different owners. “Golub provided a compelling debt financing solution for MRG, with the flexibility required to meet the company’s long-term growth plans” said Toros Yeremyan, Principal at Brentwood Associates. “Golub’s one-stop GOLD product also streamlined the entire debt financing process and helped us close our acquisition of MRG under a highly accelerated time frame.”
Marshall Retail Group is a specialty retailer that operates stores in high-foot-traffic marketplaces such as casino resorts and airports. The company’s stores operate in three categories: logo and sundries; fashion apparel, footwear and accessories; and third party licensed brands. The company operates 155 retail locations across 10 states and Washington DC. Marshall Retail Group was founded in 1955 and is headquartered in Las Vegas (www.marshallretailgroup.com).
“MRG is a multi-format store operator with a successful operating history that provides a strong value proposition to casino and airport operators. The company has developed a strong market reputation and has made new store investments, positioning itself well for future growth,” said Golub Capital Senior Managing Director Andrew Steuerman. “We are excited to partner with Brentwood and management to continue the company’s growth.”
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).
ICV Capital Partners first invested in Marshall in 2003 when it acquired the company from the founding Marshall family and then sold the business to Bruckmann, Rosser, Sherrill & Co. (BRS) in 2005. ICV reacquired Marshall from BRS in 2008 during the economic downturn and uncertainty about the Las Vegas casino market.
ICV Partners invests in family-owned and closely-held businesses as well as corporate divestitures with revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. The firm has $850 million in capital under management. ICV Partners was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).
Brentwood Associates is a consumer-focused private equity investment firm with over $850 million of capital under management. Sectors of interest include branded consumer products; consumer and business services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. The firm was founded in 1972 and is based in Los Angeles (www.brentwood.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 8-27-14