NEW YORK, Sept. 6, 2016 /PRNewswire/ -- Golub Capital announced today that as Administrative Agent, Sole Bookrunner and Sole Lead Arranger, it provided a $66.5 million GOLD financing to CenterOak Partners to finance its acquisition of Wetzel's Pretzels, LLC ("Wetzel's Pretzels"). GOLD financings are Golub Capital One-Loan Debt facilities.
Armed with a vision and a tasty recipe for soft pretzel perfection, Bill Phelps and Rick Wetzel opened the first Wetzel's Pretzels bakery in Redondo Beach, California, in 1994. Long lines of hungry customers soon formed, attracted by mouth-watering soft pretzels that were hand-rolled, baked fresh and served hot from the oven. As word spread about these golden-on-the-outside pretzels, the company added additional offerings to its menu. Today, Wetzel's Pretzels has grown to more than 300 fresh bakeries across the United States and around the world, including premier locations at Disneyland and Walt Disney World. Every Wetzel's Pretzels bakery adheres to the original vision of its founders; that each super-premium pretzel will be crafted from fresh dough and baked in-store consistently throughout the day, to ensure a delicious offering for each consumer, regardless of when the craving for a pretzel strikes.
"We look forward to working with Wetzel's Pretzels management and CenterOak Partners as they pursue growth opportunities for the business," said Greg Cashman, Senior Managing Director at Golub Capital.
About Golub Capital Middle Market Lending
Golub Capital's Middle Market Lending group provides financing for middle market, private equity-backed transactions with hold positions of up to $300 million and is an arranger of credit facilities up to $750 million. Golub Capital's award winning team strives to establish long-term, win-win partnerships by providing dependable, fast and creative solutions that meet private equity sponsors' and portfolio companies' needs.
Golub Capital is a nationally recognized credit asset manager with over $18 billion of capital under management. For over 20 years, the firm has provided credit to help medium-sized U.S. businesses grow. The firm's award-winning middle market lending business helps provide financing for middle market companies and their private equity sponsors. Golub Capital's credit expertise also forms the foundation of its Late State Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling finance solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 300 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com
About CenterOak Partners
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the U.S. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record of creating significant value through operational improvement in middle market companies across the U.S. CenterOak's senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed nearly 100 acquisitions representing over $3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.
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SOURCE Golub Capital