Taking the keys here feels like it could lead to a pretty good outcome for blackstone if they continue to find cost synergies and get an exit at 10x NTM FCF in 2-3 years assuming there is ANY stability in medallia revenue (which is a big TBD)
A friend pointed me to this crazy comeuppance in PE and it really shocked me, especially when you consider who ends up holding the bag. I wrote a blog post about it as a cautionary tale and explainer.
Taking the keys here feels like it could lead to a pretty good outcome for blackstone if they continue to find cost synergies and get an exit at 10x NTM FCF in 2-3 years assuming there is ANY stability in medallia revenue (which is a big TBD)
Hard to imagine Blackstone is going to find synergies that Thoma couldn’t. Growth is the issue.
Think Blackstone would just be thrilled to get 80% of their money back. Upside potential may be higher but likelihood of that is much lower now
A friend pointed me to this crazy comeuppance in PE and it really shocked me, especially when you consider who ends up holding the bag. I wrote a blog post about it as a cautionary tale and explainer.
https://www.linkedin.com/pulse/breaking-thoma-bravo-handing-medallia-back-its-ken-pulverman-kdasc/?trackingId=zWTkkXLReZVlieNvIw6EYQ%3D%3D