MUSICAL CHAIRS: Thoma Bravo Repurchases Flexera
Posted on 12/04/2020
Thoma Bravo agreed to repurchase Flexera, a suburban Chicago-based IT asset management company, for around US$ 2.85 billion from TA Associates and Ontario Teachers Pension Plan (OTPP). TA Associates and OTPP will continue to hold a meaningful stake in the business. Flexera helps companies with IT services.
Thoma Bravo had previously acquired a majority interest in Flexera in 2008, when Flexera was spun off from then-parent company Macrovision.
UBS is acting as financial advisor to Thoma Bravo, and Kirkland & Ellis is serving as legal counsel. BofA Securities and Barclays are acting as financial advisors, and Weil, Gotshal & Manges as legal advisor to Flexera, TA Associates, and Ontario Teachers’ Pension Plan. Goodwin Procter is serving as separate counsel to TA Associates.
In December 2017, TA Associates purchased a minority stake in Flexera. Ontario Teachers’ Pension Plan acquired a majority stake in Flexera in 2011 from Thoma Bravo.
Keywords: Ontario Teachers Pension Plan.