Barings and Alcentra Provide Financing for Francisco Partners’ Recapitalization of Sandvine
Jan 15, 2019
Barings, one of the world’s leading asset management firms, announced today that it has served as administrative agent and joint lead arranger with Alcentra on a senior secured second lien term loan to back Francisco Partners in its recapitalization of Sandvine, a global network intelligence platform. Financial terms were not disclosed.
Headquartered in Waterloo, Canada, with sales offices internationally, Sandvine provides active network intelligence solutions to over 150 network operators and 500 enterprises across five primary business segments: network optimization, revenue assurance, analytics, revenue generation, and regulatory compliance. The company was formed in September 2017 through the merger of Procera, an existing Francisco Partners portfolio company, and legacy Sandvine.
“In an increasingly digital world, Sandvine’s solutions enable customers to gain real-time visibility into their network activity, optimize network traffic, and unlock new monetization opportunities,” said Brian C. Baldwin, Managing Director of Barings Global Private Finance. “We appreciate the opportunity to provide Francisco Partners with a unique financing opportunity alongside Alcentra to help meet the capital needs of Sandvine.”
“We at Alcentra are pleased to support Francisco Partners in our first joint effort with Barings,” said Peter Glaser, Co-Head of U.S. Direct Lending. “Sandvine is an industry leader with an established position in the network technology field, and we look forward to following its growth trajectory under Francisco Partners’ guidance.”
Megan Karlen, Head of Capital Markets at Francisco Partners, said, “We appreciate the support and collaboration of Barings and Alcentra as we look to continue Sandvine’s strong track record of success.”
Barings is a $310+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,900 professionals and offices in 16 countries. Learn more at www.barings.com.
Barings Global Private Finance, part of Barings LLC, is a 70+ investment team located in seven offices on four continents. GPF has a 40-year track record of successfully financing middle-market buyouts, acquisitions, and recapitalizations. With product capabilities that range from traditional senior debt to bespoke junior capital securities, and hold sizes of $200 million+, Barings is focused on providing capital solutions that help our private equity clients complete their deal on time and as expected. Our long-term commitment to the asset class, local origination in each region, consistent team, and broad range of investment capabilities, are designed to provide investors an absolute spread premium to broadly syndicated loans as well as an attractive risk-adjusted return potential.
*As of September 30, 2018
Alcentra Group (collectively Alcentra NY, LLC and Alcentra Limited) has an investment track record that dates back to 1998. Strategies include: senior loans, high yield bonds, direct lending, structured credit, distressed debt, and multi-strategy credit. Alcentra Group is majority owned by The Bank of New York Mellon Corporation and is headquartered in London, with offices in New York, Boston and San Francisco as well as representatives in Singapore and Hong Kong.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
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