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“In 2014 TA Associates (a PE firm) bought 50% of the business at a $275M valuation - $110M in equity and $80M in debt.”

How does this break down? If the enterprise value is 275m with 80m of (net?) debt, that’s 195m of equity value, so 50% mean a 97.5m equity check from TA? Where does the 110m come in?

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Unfortunate 25% loss playing earnings yesterday! Great write up, however!

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