Wafra Inc and Landmark Partners LLC have acquired a passive, minority stake in Siris Capital Group LLC. Financial terms weren’t announced. Siris, of New York, is tech-focused private equity firm. Goldman Sachs & Co LLC and Berkshire Global Advisors advised Siris on the transaction. Kirkland & Ellis LLP served as legal counsel to Siris. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Wafra.
NEW YORK, April 3, 2019 /PRNewswire/ — Siris Capital Group, LLC (“Siris”) today announced that affiliates of Wafra Inc. (“Wafra”) and Landmark Partners, LLC (“Landmark”) have made strategic minority investments in Siris. Siris is a leading private equity firm focused on investing and driving value creation in mature technology companies that provide mission-critical solutions and are facing technology transitions.
The transactions follow the recent closing of Siris’ latest buyout fund at $3.45 billion. Pursuant to the transactions, the investors will acquire passive, non-voting minority stakes and will provide capital to support Siris’ strategic initiatives, including the repurchase of an existing minority participation stake that was issued at the firm’s inception. The investments will have no impact on the day-to-day management or operations of Siris. The terms of the transactions were not disclosed.
“Peter, Jeff and I are pleased to welcome Wafra and Landmark as strategic investors as we embark on our next phase of growth,” said Frank Baker, a Siris Co-Founder and Managing Partner. “These investments are a testament to the value of Siris’ differentiated approach to technology investing, and our partnership with Wafra and Landmark will help us continue to capitalize on attractive opportunities in our focus areas.”
Russell Valdez, Chief Investment Officer of Wafra, added: “Driven by a talented investing team with deep domain expertise, Siris has the right infrastructure in place to skillfully execute on its differentiated investment strategy. Together with our partners, we look forward to the firm’s continued success.”
Ian Charles, a Partner at Landmark, said: “Siris is an impressive technology investor with significant experience working with mature companies to navigate difficult technology transitions while creating value through hands-on operational involvement. We look forward to the partnership in the years ahead.”
Goldman Sachs & Co. LLC and Berkshire Global Advisors advised Siris on the transaction. Kirkland & Ellis LLP served as legal counsel to Siris. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Wafra.
About Siris Capital Group
Siris is a leading private equity firm focused on making investments in data, telecommunications, technology and technology-enabled business service companies primarily located in North America. Integral to Siris’ investment approach is its collaboration with its executive partners, who are highly experienced senior operating executives, to identify, validate and operate investment opportunities. Their significant involvement allows Siris to partner with management to add value both operationally and strategically. www.siris.com
Wafra has more than $23 billion of assets under management and invests across a wide range of asset classes. In its pursuit of investments, Wafra seeks to connect its investors, partners and stakeholders to foster an exchange of ideas and innovations. Wafra’s investment strategies, including strategic minority investments, express the long-term vision of its stakeholders. Wafra is headquartered in New York. For more information please visit www.wafra.com.
About Landmark Partners
Landmark Partners specializes in secondary market transactions of private equity, real estate and infrastructure investments, with approximately $27 billion of committed capital as of December 31, 2018. Founded in 1989, the firm has one of the longest track records in the industry and is a leading source of liquidity to owners of interests in real estate, real asset, venture, mezzanine and buyout assets. Landmark has completed over 625 transactions in its 30-year history. Landmark Partners has more than 125 professionals across five offices in Boston, Dallas, London, New York and Simsbury, Connecticut. www.landmarkpartners.com