Golub Capital was the Administrative Agent, Sole Lead Arranger and Sole Bookrunner on a senior credit facility to support the refinancing of Integrated Supply Network (ISN), a distributor of tools and testing equipment and an Audax Group portfolio company. The Golub facility was also used to finance ISN’s add-on acquisition of Consolidated Lift.
The ISN facility is the third financing Golub Capital has provided to Audax in less than a year. “Consistent with our past experiences, Golub provided a flexible financing solution and was able to close quickly and smoothly,” said Mark Cordes, Managing Director at Audax. “Their ability to speak for the full senior debt facility greatly simplified the financing process for us.”
Integrated Supply Network, acquired by Audax in July 2011, is a distributor of tools, testing equipment, and related supplies sold into the aftermarket automotive repair industry. The company offers over 50,000 SKUs, including sockets, wrenches, pliers, vehicle lifts, diagnostic systems, air compressors, and other tools used by automotive technicians. The company was founded in 1972 and is based in Lakeland, FL (www.isnweb.com).
The add-on acquisition of Consolidated Lift, a distributor and servicer of automotive lift equipment, is a perfect fit for ISN. Consolidated Lift services all automotive lift types including above ground and in-ground models, scissor lifts, mobile columns, heavy duty lifts as well as wheel service equipment. The company is based in the Toronto suburb of Vaughn, ON (www.consolidatedlift.com).
“ISN is a prime example of Golub bringing to bear its product flexibility, hold capacity, and speed of execution to deliver for our client,” said Brian Crabb, Managing Director at Golub Capital. “We are thrilled to be partnering with Audax and the ISN team to support the business through the next stage of its 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 loans up to $500 million and will hold up to $250 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, Chicago, and San Francisco (www.golubcapital.com).
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Audax has over $6 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-10-15