Golub Backs Frazier Buy of Apex Foot

Golub Backs Frazier Buy of Apex Foot

golub nf2Golub Capital was the Sole Bookrunner, Sole Lead Arranger and Administrative Agent on a financing to support the acquisition of Apex Foot Health Industries by Orthotic Holdings, a portfolio company of Frazier Healthcare.

morfitt nf1“Golub Capital’s Healthcare Finance Team was able to provide a flexible financing solution that was not only competitive but also uniquely oriented towards helping the company to achieve its growth goals,” said Brian Morfitt, a General Partner at Frazier Healthcare.  “Consistent with our prior experiences with their healthcare finance team, Golub Capital worked quickly and effectively to meet our timeframe and successfully complete the transaction.”

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).

Robertson nf1“Orthotic Holdings presented the opportunity to invest in the combination of two leading providers of custom orthotics and diabetic footwear, which benefit from strong macro growth drivers, well-established customer relationships, and a diverse product portfolio,” said Stefano Robertson, Managing Director at Golub Capital.  “The company is led by an impressive management team and is backed by a experienced and well-regarded healthcare-focused sponsor in Frazier, with which Golub continues to enjoy a strong relationship.”

Apex Foot Health Industries designs and manufactures a line of men’s and women’s custom orthotics and diabetic footwear. The company is headquartered in Teaneck, NJ (www.apexfoot.com).

Orthotic Holdings, acquired by Frazier Healthcare in April 2013 from Incline Equity Partners, is a North American manufacturer, marketer and distributor of predominantly custom and branded medical products that treat foot, ankle and leg related conditions and diseases. The company’s brands include Arizona AFO, Australian Orthotic Group, Langer Biomechanics, PedAlign, The Orthotic Group, SafeStep, and now Apex Foot Health.  Orthotic Holdings sells its products throughout North America, Europe, Australia, and New Zealand and is headquartered on Long Island in Ronkonkoma, NY (www.orthoticholdings.com).

Frazier Healthcare invests from $20 million to $50 million in healthcare services and biopharma companies. The firm has over $2 billion of capital under management across seven funds. Frazier Healthcare was founded in 1991 and has offices in Seattle and Menlo Park (www.frazierhealthcare.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-4-15

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