Golub Capital acted as Administrative Agent, Lead Arranger and Sole Bookrunner on a unitranche facility to support Freddy’s Frozen Custard & Steakburgers (“Freddy’s”). The facility is composed of a term loan and a revolver; proceeds will be used to support Thompson Street Capital Partners’ (“TSCPs’”) refinancing of the Company’s existing first lien credit facility. Additional deal terms were not disclosed.
Freddy’s is a fast casual franchisor of steakburgers, shoestring fries and freshly churned frozen custard. It was acquired by TSCP in 2021.
“This transaction demonstrates the flexibility offered by private credit and the simplicity of unitranche facilities which allow businesses to stay focused on success,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We’re delighted to further our partnership with TSCP with this transaction.”
“Golub Capital provided ease of execution and flexibility. We look forward to this next phase of growth for Freddy’s,” said Alexis Vanstone, Director at TSCP.
Golub Capital was previously a lender to Freddy’s in 2021 on a unitranche facility. Golub Capital manages over $12 billion across more than 75 portfolio companies in the consumer, restaurant and retail industry, including over $1.3 billion in the restaurant industry.
About Golub Capital Sponsor Finance
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $700 million and arranges syndicated credit facilities up to $2 billion.
As of April 1, 2024, Golub Capital had over 925 employees and over $70 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe and Asia. For more information, please visit golubcapital.com.
About Freddy’s
Freddy's is a leading fast-casual franchise concept with more than 500 locations across 36 states nationwide. Founded in Wichita, Kansas, in 2002, the brand offers a unique combination of cooked-to-order steakburgers, all-beef hot dogs, shoestring fries and other savory items along with freshly churned frozen custard treats. Known for operating the Freddy's Way, guests experience genuine hospitality and food prepared fresh with premium ingredients. This signature approach has fueled Freddy's ongoing growth throughout the U.S. and garnered national recognition from industry-leading rankings, including being named No. 23 on Fast Casual's Top 100 Movers + Shakers, No. 67 on Entrepreneur's Franchise 500, No. 78 on Entrepreneur's 2024 Fastest-Growing Franchises and No. 36 on Yelp's 50 Most Loved Brands. For more on Freddy's, visit the Newsroom and follow us on Facebook, Twitter, and Instagram. For more information about development opportunities, visit https://freddysfranchising.com/.
About Thompson Street Capital Partners
Thompson Street Capital Partners (tscp.com) is a middle-market private equity firm that helps transform already exceptional businesses into market leaders. Based in St. Louis, Missouri, TSCP invests globally in the life sciences and healthcare, software and technology, business and consumer services and products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via complementary acquisitions.
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