Golub Capital Provides Senior Credit Facility to Support Merger Between Joerns Healthcare and Recovercare

CHICAGO, May 14, 2014 /PRNewswire/ -- Golub Capital announced today that as Joint Lead-Arranger and Co-Documentation Agent it provided a $295 million senior credit facility to support the merger between Joerns Healthcare, LLC ("Joerns"), owned by Quad-C ("QC") since 2010, and Recovercare, LLC ("RCR"), owned by Aurora Capital ("Aurora") since 2009.

The transaction creates a leading manufacturer and rental provider of bed systems, therapeutic support surfaces ("TSS"), safe patient handling equipment ("lifts"), and wound care products. The combined company will be the leading provider of beds, TSS, and lifts within the skilled nursing and long-term acute care market segments.

"We were impressed with Golub's ability to add value to our financing execution by making a significant commitment quickly and definitively," said Frank Winslow, Partner of Quad-C.  "We look forward to working with them in the future."

"This transaction is the latest example of our firm's strong partnership with Golub," said Michael Marino, Partner of Aurora Capital.  "Consistent with our past experiences, Golub has proven to be a reliable and decisive source of flexible financing solutions."

"We are excited to support Quad-C and Aurora in their efforts to form a market-leading platform through the combination of these two strong businesses," said Troy Oder, Managing Director of Golub Capital. "We believe that Joerns is well-positioned for continued success based on the strength of its management team and the quality of strategic oversight provided by these two leading middle-market sponsors."

About Golub Capital

With over $10 billion of 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 MiniGOLD, GOLD, and MegaGOLD facilities), senior, second lien, and subordinated debt, preferred stock and co-investment equity. The firm underwrites and syndicates senior credit facilities up to $300 million. Golub Capital's hold sizes range up to $200 million per transaction.

Golub Capital has been a top 3 Traditional Middle Market Bookrunner each year from 2008 through 2013 for senior secured loans of up to $100 million for leveraged buyouts (according to Thomson Reuters LPC and internal data; based on number of deals). In 2013, Golub Capital was awarded Finance Monthly's Global Awards 2013 "Credit Asset Manager of the Year," and DealMakers M&A Awards 2013 "Middle Market Lender of the Year." In 2012, Golub Capital was awarded ACG New York Champion's Award for "Senior Lender Firm of the Year" and the M&A Advisor award for "Lender Firm of the Year." Golub Capital is a national firm with principal offices in Chicago and New York. For more information, please visit the firm's website at www.golubcapital.com.

About Quad-C

Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle market private equity firm focused on investing in well-established business services, consumer, general industrial, healthcare, specialty distribution and transportation/logistics companies. In its 25-year history, Quad-C has invested over $2 billion of equity across more than 50 companies. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value. www.quadcmanagement.com

About Aurora Capital Group

Aurora Capital Group is a Los Angeles-based private investment firm managing over $2.0 billion of capital across several private equity funds.  Aurora's traditional private equity vehicle, Aurora Equity Partners, focuses principally on control investments in middle market businesses with leading market positions, strong cash flow profiles and actionable opportunities for growth in partnership with operating management.  Aurora's investors include leading pension funds, financial institutions, endowments and foundations active in private equity investing. For more information, please visit www.auroracap.com.

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SOURCE Golub Capital



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