Golub Capital Provides $20 Million to Support the Recapitalization of Davis Calibration by JPB Enterprises, Inc.
NEW YORK, Sept. 23, 2008 /PRNewswire/ — Golub Capital today announced that it has provided a $20 million GOLD facility, consisting of a $4 million revolver and a $16 million term loan, for the recapitalization of Davis Calibration. The recapitalization refinanced existing debt and provided for incremental borrowing capacity for working capital purposes and growth. GOLD financings are proprietary Golub Capital One-Loan Debt facilities.
Davis Calibration has been owned by JPB Enterprises, Inc., a private equity firm investing in lower-middle market companies on behalf of the Bolduc family and select high-net-worth individuals, since 1999.
Davis Calibration is a worldwide leader of calibration, repair and certification services for test, measurement and control equipment. Founded in 1912, Davis Calibration operates 28 calibration labs strategically located across 20 states in the U.S. and services several industries including aerospace, automotive, manufacturing, medical equipment, nuclear and pharmaceutical among others.
This is Golub Capital's first deal with JPBE. "We are pleased to be working with JPBE," said Golub Capital Managing Director Charlie Riceman. "This transaction marks a new chapter in Davis Calibration's long history. Golub Capital's financial resources will help strengthen Davis Calibration's position in its unique marketplace. Davis Calibration is a best of breed calibration and repair service provider that can perform their services at a high standard across a wide range of industries. We are looking forward to watching Davis Calibration grow."
"In this difficult credit environment it is terrific to have Golub Capital as a partner. The team at Golub Capital stepped up quickly to understand the Company's needs for growth and has provided the necessary flexibility to carry out our strategic plan. Golub delivered exactly what they said they would deliver and the execution of the transaction was seamless and efficient," says Jim Bolduc, a Vice President with JPB Enterprises.
About Golub Capital
Golub Capital underwrites and syndicates 1st lien loans up to $150 million. Our buy-and-hold products range from $5 million to $75 million and include one-loan financings (through the Firm's proprietary GOLD facility), senior, second lien and subordinated debt, preferred stock and co-investment equity. Golub Capital is a national firm with offices in Atlanta, Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com.
First Call Analyst:
SOURCE: Golub Capital
CONTACT: Charlie Riceman, Managing Director, Golub Capital,