Golub Capital Provides One-Loan Financing to Support Freeman Spogli & Co.’s Acquisition of First Watch Restaurants, Inc.

NEW YORK, Dec. 27, 2011 /PRNewswire/ — Golub Capital announced today that it provided a GOLD financing debt facility to First Watch Restaurants, Inc. ("First Watch" or the "Company") to support the acquisition of First Watch by Freeman Spogli & Co. ("Freeman Spogli"). GOLD financings are Golub Capital's One-Loan Debt facilities.

Headquartered in Bradenton, Florida, First Watch is a leading operator of full service breakfast and lunch restaurants, located primarily in the Southeast, Midwest and Mid-Atlantic regions. With 82 company-owned restaurants spanning nine states and 10 franchised locations in five states, First Watch is recognized for providing healthy and hearty breakfast and lunch offerings, served in a welcoming and friendly environment. First Watch specializes in the creation of traditional favorites such as pancakes, omelets, salads and sandwiches, as well as a variety of signature items, with all menu items freshly prepared to order. First Watch has received more than 200 "Best Of" accolades in markets across the country.

"We are excited to support Freeman Spogli's investment in First Watch," said Golub Capital Principal Troy Oder. "The Company's management team has an excellent track record of growing the First Watch brand, and Freeman Spogli is the ideal sponsor to position the Company for its next phase of growth due to their extensive knowledge of the consumer sector."

"We chose to partner with Golub Capital due to their expertise in the restaurant industry and their understanding of the unique financing needs of investors in the space," noted John Roth, President, of Freeman Spogli & Co. "They were able to deliver a flexible financing solution that allowed us to complete the transaction within an extremely tight timeframe."

About Golub Capital
With over $5 billion in capital under management, Golub Capital is a leading provider of financing solutions for the middle market, including one-loan financings (through the firm's proprietary GOLD facility), senior, second lien, and subordinated debt, preferred stock and co-investment equity. The firm also underwrites and syndicates senior credit facilities up to $200 million. Golub Capital's hold sizes range up to $100 million per transaction.

Golub Capital is currently ranked as the #1 Middle Market Bookrunner for YTD 3Q 2011 by Thomson Reuters Loan Pricing Corporation. Golub Capital was named "Middle Market Lender of the Year" by Buyouts Magazine in 2009 and 2010. The firm was also honored as "Debt Financing Agent of the Year" by M&A Advisor in 2010. Golub Capital is a national firm with principal offices in Chicago and New York. For more information, please visit the firm's website at golubcapital.com.

About Freeman Spogli & Co.
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer-related and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested $3.0 billion of equity in 47 portfolio companies with aggregate transaction value of over $17 billion, and is currently making investments from FS Equity Partners VI, L.P. Freeman Spogli has offices in Los Angeles and New York. For additional information, visit freemanspogli.com.

SOURCE Golub Capital

CONTACT: Troy Oder, Principal, +1-312-254-5742, [email protected].