Golub Capital was the Sole Bookrunner and Administrative Agent on a $100 million debt facility to refinance the existing debt capital structure of Boot Barn, a portfolio company of Freeman Spogli & Co., and to support Boot Barn’s acquisition of Baskins Stores, a specialty retailer of western and work boots.
“Golub Capital provided a compelling financing solution and exhibited a deep understanding of Boot Barn, which provided us with confidence they would deliver a sound execution,” said Brad Brutocao, General Partner at Freeman Spogli. “Golub Capital exceeded our high expectations for a financing partner.”
Boot Barn is a specialty retailer of western and work boots, jeans, shirts, outer wear, protective work wear, accessories, belts and jewelry. The company operates 116 retail stores in 21 states including California, Nevada, Oregon, New Mexico, Arizona, Wyoming, Montana, and Colorado.Freeman Spogli acquired Boot Barn in 2011 from Marwit Capital. Boot Barn was founded in 1978 and is based in Irvine, CA (www.bootbarn.com).
Baskins Stores is a specialty retailer of western and work boots, jeans and shirts, and related accessories. The company was founded in 1972 and has 30 retail locations in Texas and Louisiana. Baskins Stores is headquartered in Houston (www.baskins.com).
“Boot Barn is the leading national retailer in a growing niche segment, and we are excited to support the company as it enters its next phase of growth. Freeman Spogli has proven to be a strong partner with deep expertise within the retail sector,” said Troy Oder, Managing Director at Golub Capital. “We are excited to partner with this exceptional senior management team, and to close our third transaction with Freeman Spogli.”
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. The company has offices in New York and Chicago (www.golubcapital.com).
“Adding Baskins to the Boot Barn family enables us to bridge our West Coast and East Coast presence and provides us with immediate entry into the core markets of Texas and Louisiana with a critical mass of store locations. Baskins is a terrific fit in terms of geographic footprint and merchandise offering,” said Jim Conroy, CEO of Boot Barn.
Freeman Spogli & Co. invests in middle market consumer and distribution companies. Since its founding in 1983, Freeman Spogli has invested over $3 billion in 48 portfolio companies with an aggregate transaction value of $18 billion. The firm is currently making investments from its sixth fund, FS Equity Partners VI, L.P., which closed in April 2011 with capital commitments of $735 million. Freeman Spogli has offices in Los Angeles and New York (www.freemanspogli.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-6-13
