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peHUB Wire: Thursday, December 3, 2009Random Ramblings
- peHUB Wire: Thursday, December 3, 2009
Random Ramblings
- DriveCam Secures $4 million Term Loan
Leader Ventures, has provided a $4 million term loan to DriveCam, a company which helps driver reduce risky driving habits. The San Diego-based company has previously secured more than $65 million in venture backing from Triangle Peak Partners Menlo Ventures, JMI Equity, Insight Venture Partners and Integral Capital Partners.
- Kind of A Big Deal: Thoma Bravo Earns 4x On Datatel Sale
Thoma Bravo this week infused the stale exit market with fresh air, earning a 4x return on its investment in Datatel, a higher education software service provider. After a four-year ownership, the buyout shop sold Datatel to Hellman & Friedman and JMI Equity. Terms weren't disclosed, but a source familiar with the situation said the deal was valued at $570 million, earning Thoma Bravo a 4x return on one of the largest investments from the firm's seventh fund. Under Thoma Bravo's ownership, Datatel doubled its earnings and used its cash flow to pay down debt organically. Meanwhile, Thoma Bravo took a $124 million dividend recap in 2006. I spoke with Orlando Bravo, managing partner of Thoma Bravo, about selling in an exit draught, criticism of sponsor-to-sponsor deals and the importance of "high quality revenue." Get the Q&A after the jump...
- peHUB Wire: Tuesday, November 10, 2009
Tuesday Talkback
- peHUB Wire: Tuesday, November 10, 2009
Tuesday Talkback
- Datatel To Switch Private Equity Sponsors
Hellman & Friedman and JMI Equity have agreed to acquire Datatel Inc., a Fairfax, Va.-based provider of enterprise information management solutions for higher education institutions. No financial terms were disclosed. Sellers include Thoma Bravo, Trident Capital, HarbourVest Partners and JP Morgan Asset Management -- which sponsored a management buyout of Datatel in early 2005.
- This Week in Portfolio Company Debt
As usual, we have a week’s worth of ratings actions on the debt of PE-backed companies from ratings agencies Moody’s and Standard & Poor’s. This week was pretty boring (Perhaps Moody’s was too busy preparing its Mega-buyout report /54835/the-mega-deals-look-like-crap-tell-us-something-we-dont-know/). There were just three ratings actions, one of which is a withdrawal on an already-bankrupt company. That company is Accuride, a company which Sun Capital took a stake in through its Sun Capital Securities hedge fund earlier this year. The company underwent a debt-for-equity swap as Sun Capital Securities transitioned out of its debt investment strategy to actively managed equity investments. Company: Rafaella Apparel Sponsor: Cerberus Capital Management LP Downgrade: Moody's downgraded the company’s corporate family and probability of default ratings to Caa3 from Caa1, and the rating on its 11.25% second lien notes to Ca from Caa2. Highlights: “Rafaella's liquidity is weak given its significant longer term debt maturities. However, balance sheet cash along with the expectation for modest free cash flow and revolver availability appear sufficient to cover cash needs over the next year.”
- Week in deals, Nov. 2, 2009
Summary of North American tech companies and other startups that raised venture financing in the past week