| | | Providence to make 6x its money on ZeniMax Media, Big names line up for Clearlake's Ivanti in 'fastest-ever' GP secondary, Advent's BioDuro combines with Sundia, adding Bridgewest as an investor | | | | Monday, September 28, 2020 | | | | | Morning!
Providence Equity is set to make 6x its money on ZeniMax Media on its exit to Microsoft, writes Milana Vinn on PE Hub. Providence first invested in ZeniMax in 2007, originally investing $300 million, and then another $150 million in 2010.
ZeniMaxis the parent company of video game developer Bethesda Softworks, who library include legendary games like The Elder Scrolls, Fallout, DOOM, Quake and Dishonored. (I've been a fan of The Elder Scrolls franchise for many years).
Read Milana's story here on PE Hub. |
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| | | Top Scoops | | | | CDK Global, which provides management software to automotive dealerships, launched a sales process for its international division, writes Milana Vinn on PE Hub. The business unit has already attracted interest from numerous PE groups, she writes. Read it here on PE Hub. |
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| | Big-name secondary investors lined up to get a piece of Clearlake Capital's software company Ivanti in what is being described as the fastest-ever GP-led secondary deal, I write on Buyouts today. Goldman Sachs, ICG and Landmark Partners led the deal to move Ivanti out of older funds into a continuation vehicle, giving Clearlake more time to manage the asset.
The deal gives Ivanti hundred of millions of dollars for add-on investments to continue growth. “This was less about an older fund trying to clean up and more about a Tier 1 asset that needed capital to consolidate a market,” a person with knowledge of the deal said. Read it here on Buyouts.
Have a great day! Reach me with your thoughts, tips, gossip, whatever at cwitkowsky@buyoutsinsider.com, on Twitter or find me on LinkedIn.
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