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M&A Deal Summary

Thoma Bravo Acquires Manatron

On April 1, 2008, private equity firm Thoma Bravo acquired software company Manatron for 66M USD

Acquisition Highlights
  • This is Thoma Bravo’s 9th transaction in the Software sector.
  • This is Thoma Bravo’s 47th largest (disclosed) transaction.
  • This is Thoma Bravo’s 16th transaction in the United States.
  • This is Thoma Bravo’s 1st transaction in Michigan.
Investment Fate
  • Manatron was sold to a publicly-traded strategic buyer in 2011.

M&A Deal Summary
Date 2008-04-01
Target Manatron
Sector Software
Buyer(s) Thoma Bravo
Deal Type Going Private
Deal Value 66M USD
Advisor(s) First Analysis Corp. (Financial)

Target

Manatron

Portage, Michigan, United States
Manatron is focused on providing software and services to enable state and local governments in North America to completely, fairly and efficiently assess real and personal property, and to bill and collect the related property taxes in their jurisdictions. The Company’s software manages the entire property life cycle, which includes deed recording, land records, GIS (Geographic Information System) integration, valuation, assessment administration, personal property, business licenses, cashiering, tax billing and collection, delinquents and tax sales, and e-government. Manatron is headquartered in Portage, Michigan and has offices located across the United States.

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Buyer(S) 1

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 16 of 143
Sector: Software M&A 9 of 62
Type: Going Private M&A Deals 3 of 39
State: Michigan M&A 1 of 2
Country: United States M&A 16 of 124
Year: 2008 M&A 2 of 2
Size (of disclosed) 47 of 48
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Flexera

Itasca, Illinois, United States

Flexera is a provider of strategic software solutions for application usage management. The Company's solutions help clients deliver continuous compliance optimized usage and maximized value to application producers and their customers. Flexera was founded in 1987 and is based in Itasca, Illinois.

Buy $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Local Media of America

San Diego, California, United States

LMA operates three 100,000 watt class C radio stations serving the San Diego, CA market, the country’s 17th largest radio market, with a variety of popular music formats and e-marketing opportunities. The Company also seeks additional radio broadcasting opportunities in large markets throughout the U.S. The current LMA stations are: XHRM-FM 92.5 (“Magic”), a “Rhythmic Adult Contemporary” station; XHTZ-FM 90.3 (“Z90”), a “Rhythmic Contemporary Hit Radio” station; and XETRA-FM 91.1 (“91X”), an “Alternative Music” station.

Buy -
Mergr

Product

Company

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