Thoma Bravo, a private equity firm focused on the software and technology-enabled services sectors, has completed its IPO for Thoma Bravo Advantage, a special purpose acquisition company (SPAC) that has been valued at $900mn. The shares will be listed on the New York Stock Exchange beginning January 15, 2021 under the symbol “TBA.”
TBA has granted the Underwriters a 45-day option to purchase up to 10,000,000 additional shares to cover over-allotments, if any.
TBA is sponsored by Thoma Bravo Advantage Sponsor LLC, an affiliate of Thoma Bravo, a private equity firm. TBA was formed for the purpose of executing a business combination in the software industry.
In early December 2020, The New York Post put it this way: “Chicago-based Thoma Bravo’s usual approach to investing is to acquire controlling stakes in companies through leveraged buyouts instead of taking minority positions. By raising a blank-check company, it can buy a minority stake in a promising tech firm and help it go public,” the source said.
In the SEC filing indicated that Thoma Bravo Advantage’s specific software target remains a point of discussion. “We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with us.”
The firm has acquired more than 260 software companies across a range of industries, including healthcare IT, security, financial technology, infrastructure and applications. With more than $73 billion in assets under management, Thoma Bravo partners with management teams to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business.
Citigroup, Deutsche Bank Securities, Goldman Sachs & Co. LLC and Credit Suisse are serving as underwriters. The offering is expected to close on January 20, subject to customary closing conditions.
Source: Alpha Week
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