Grindr's $600M buyout used $200M each in debt, equity, and deferred payments
Rick Marini · Building the Future of Crypto Trading with Rick Marini of Rails | The Innovators & Investors Podcast · May 26, 2026 · at 14:35
Investor and entrepreneur Rick Marini details the leveraged buyout structure used to acquire Grindr from Chinese gaming company Beijing Kunlun Tech.
0:00 / 0:48exact quote · 49.0s
720p mp4 · rendered on demand · StarZero watermark
“Grindr, we bought for six hundred million dollars, and of that six hundred million, we put two hundred million of debt. So call that roughly four terms of debt. I said they were doing about 45 of EBITDA. So about four terms of debt, which is again, pretty industry standard. Then we had to raise two hundred million of equity. We put some of our own money in, but that was a small component of the full 200. So we worked with the other private equity firm. To raise two hundred million of fresh equity to come in. And then the last 200 was a payment upon the exit. So we, there was another two hundred million that was due to the seller, that Chinese company I mentioned, Kunlin, that that was selling Grindr to us. So the first two hundred million of any exit was going to go to them. So that's the full six hundred million.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Rick Marini
Marini: Grindr turnaround team terminated 70% of employees
“We ended up, and we don't normally do this terminating 70% of the employees, because it just, they were C players, and we wanted at least A minus players, if not A players, right?”
Marini: Conservative ICs and Middle East Investors Refused to Buy Grindr
“Now, because Grindr is focused on LGBTQ, it was really interesting. A lot of the traditional buyers were not there in the process. There was always like someone conservative on the investment committee that was like, we can't touch that. We went to try to rais…”
Marini: FTX would probably be world's largest exchange without Alameda scandal
“Now, if they had never done that FTX would still be around and they'd probably be the biggest exchange in the world.”
Marini: Gary Gensler's SEC refused to offer clear crypto guidelines
“Previously the SEC head of the SEC, Gary Gensler, didn't want to give specific guidelines on what we need to do. It was more about, well, if we don't like it, we're going to come after you. And, you know, that's not a good way to grow an industry.”
Marini: Crypto is a terrible tool for criminals compared to cash
“Everything is, is traced on the blockchain. Like, crypto is a terrible place for criminals to move money because it's actually traceable on the blockchain. US dollars or any hard currency is much easier to be able to do nefarious things than having a currency …”