Following the announcement that auto glass repair company ABRA (ABRA Auto Body & Glass) would be undergoing recapitalisation under Palladium Equity Partners, LLC’s direction, more information has been pouring out of the business network regarding the recapitalisation. One of the latest pieces of news is that Golub Capital is actually a partner of Palladium in the transaction.
Golub is apparently providing subordinated debt as well as acting to support an equity co-investment in the recapitalisation of the auto glass repair company. Golub Capital revealed early in November that it had given $27M senior subordinated notes in aid of the transaction. Representatives of the company spoke glowingly of the auto glass repair business, with the current managing director of Golub Capital stating that ABRA was considered one of the industry leaders when it came to collisions repair. The managing director went on to say that the company was very excited to be partnering with efficient teams such as those from Palladium Equity Partners, LLC and ABRA.
The managing director of Palladium responded to that by adding that Golub was remarkably flexible and easy to work with during the entire transaction, suggesting that such adaptability was the very reason Palladium had chosen to work with Golub. It was also stated that the other company’s efficiency and experience in business was very highly valued by Palladium, which is a company that has always focused on strongly directed investments and high-efficiency transactions.
Golub Capital is a major source of financing solutions in the country, and generally supports companies that belong to the middle of the industrial spectrum. Holding its main offices in Chicago and New York, it has been named the Debt Financing Agent of the Year by M&A Advisor (only last year) for its debt financing work and wide range of offered solutions. In the same year, Golub was named by Buyouts Magazine the Middle Market Lender for 2010, an honour granted to it the previous year as well. The Thomson Reuters Loan Pricing Corporation also ranked it as the top Middle Market Bookrunner for the 3rd Quarter of 2011.
Instead of focusing on a wide “middle market” definition, on the other hand, Palladium Equity Partners, LLC focuses on investments that have to do with business services as well as ones that seem to be geared towards the Hispanic market in the United States, making it a very specific portfolio that the company boasts. It is a fairly new company, having been formed in the late 1990s, but it already has over a billion and a half dollars of equity in its investments. Now that the ABRA body and auto glass repair brand is included, Palladium is going to be growing even more.