Medallia taken over by private credit lenders led by Blackstone

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3▲3 ▼0Impact / 5
Summary · why it matters

A group of private credit lenders led by Blackstone, Apollo, and FS KKR Capital Corp. is taking control of software company Medallia from previous owner Thoma Bravo through a recapitalization. The transaction will significantly reduce Medallia's outstanding debt and includes a $150 million new capital investment from the new owners. It also advances Medallia's existing $500 million commitment to innovation and AI transformation. Thoma Bravo had acquired Medallia for $6.4 billion in 2021 but later said it overestimated growth prospects and paid too much. The private credit lenders had provided a $1.8 billion recurring-revenue loan to support the original leveraged buyout.

Impact on assets 3

Aging Population▲ · 1 stocks
Artificial Intelligence▲ · 1 stocks
Blackstone Group Inc
BX
▲ PositiveCapitalrelevance

Blackstone leads the private credit group taking control of Medallia, deploying capital.

Financials▲ · 1 stocks
FS KKR Capital Corp
FSK
▲ PositiveCapitalrelevance

FS KKR Capital Corp is part of the lender group taking control and investing new capital.

Off-coverage companies 2

Medallia, Inc.Private± Mixed
Capitalrelevance

Medallia is taken over by lenders in a recapitalization that reduces debt and adds investment.

Thoma BravoPrivate▼ Negative
Capitalrelevance

Thoma Bravo loses control of Medallia after overpaying and admitting overestimated growth.

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