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The Wire

July 26, 2021

Thoma Bravo strikes $6.4bn take-private deal for Medallia, The Jordan Company makes third dental investment with Dental365

Morning, everybody! 

As the summer M&A market remains as active as ever, Thoma Bravo is one name that has consistently dominated headlines. Proving a force to reckon with, again, the firm this morning announced what marks the tech specialist’s sixth signed or closed take private this year alone. That equates to nearly $40 billion in combined deal value. So what’s the deal? The technology-focused buyout firm is buying Medallia, a leader in customer and employee experience. The all-cash deal is valued at $6.4 billion, representing a 20 percent premium over the company’s closing share price on June 10, the last full trading day before press reports of a sale surfaced. Vista Equity Partners was also reportedly in the running for the software-as-a-service business. Read PE Hub's brief here. 

Investors' sweet tooth: Be it general dentistry, orthodontics, dental implants, and on the horizon, I’m told, endodontics (which focuses on treatment for the root canal) -- the dental category is back in action this year from an investment perspective. Further evidence just in: The Jordan Company (TJC) is buying Dental365 in a transaction valuing the dental services organization at $440 million, three people familiar with the deal told PE Hub. The business marketed approximately $30 million of EBITDA, which implies the pending deal is valued at around 14.5x EBITDA, they said. Based upon the dentistry platform’s current financials, Dental365 appears to mark what will be a huge outcome for existing investor Regal Healthcare Capital Partners, which targets businesses producing just... Check out my full report on Dental365.

Read the full wire commentary on PEHub...

That's it for me! Have a great week ahead everyone, and as always, hit me up at springle@buyoutsinsider.com with any feedback, tips or just to say hello!

Also of note (may require subscriptions)

Bittersweet: WSJ Pro writes that the private-equity investment team at the $180.5 billion Teacher Retirement System of Texas is having a bittersweet moment. The system’s private-equity portfolio produced the highest returns ever yet turnover in its investment team created its “biggest challenge” over the past year as some of its professionals found higher-paying jobs elsewhere, according to Neil Randall, managing director of private equity. Read it on WSJ Pro.