Answered raw tape
D 5 · C 5 · P 4 · Cm 4 4.60
Q Is that where you bought it or you bought it after that? There's somebody else bought it, then you bought it.
A No, we bought it because, um, yeah, again, CFIUS was forcing the sale. They had a certain timeline to sell the company and there was, you know, all the, the typical buyers that you think about, there was always someone super conservative on the investment committee that was like, I can't be associated with gay sex. I, you know, I, I can't do this deal. We, um, we looked at raising money from, uh, some, uh, folks in the middle east. They could not be associated with, with gay sex, gay dating, so it really took a lot of the typical buyers out of the process, and we were lucky enough to partner with another PE firm and actually buy the company. It came down to three buyers, uh, in the end, uh, that put in, you know, legitimate bids, and we were lucky enough to partner with the other PE firm and buy it.
AI assessment note: “No, we bought it because, um, yeah, again, CFIUS was forcing the sale.”
Partly raw tape
D 3 · C 5 · P 4 · Cm 4 4.00
Q I want to ask some details about the deal. So you said you raised six hundred million dollars. Um, I'm curious, is buying a company for 1,000,010 million, a hundred million, and a billion, is that at all similar? Like are, are each amounts similar? Are they, is one harder or one easier? And of the six hundred million, how much of it was y'all's money?
A Yeah, I can take that. So the, the deal structure, the 600, there was about 200 of equity that went in. And, you know, some of that was our personal money, but most of it was outside money that we raised. There was two hundred million of debt. So Fortress was our debt provider. And then there was another two hundred million that was due, um, basically an earn out upon the exit, right? So really with Grindr, uh, only two hundred million of equity went into the deal. And, uh, we can Fast forward, uh, you know, to, or we can talk later about where the exit came out, but it ended up being a very, very good, uh, ROE return on the equity of only two hundred million going in.
AI assessment note: “some of that was our personal money, but most of it was outside money”
