Private equity firm Symphony Technology Group has wrapped up its $165 million acquisition of Shopzilla. The deal included $150 million in cash, and $15 million in deferred payments. Wells Fargo Capital Finance and Tennenbaum Capital Partners provided debt financing for the deal. Shopzilla’s online shopping brands include Bizrate, Beso and TaDa. Symphony bought Shopzilla from Scripps Networks Interactive. The deal was first announced in April.
Symphony Technology Group (STG), a
strategic private equity firm with the mission of investing in and
building great software and service companies, today announced that
its acquisition of Shopzilla Inc., from Scripps Networks Interactive
Inc. (NYSE:SNI) has closed. The transaction, which was announced April
28th, was for $165 million, comprised of $150 million in cash and $15
million in deferred payments. Symphony Technology Group intends to
continue to accelerate the growth of Shopzilla through innovation and
Shopzilla Inc., a consumer lead generation platform focused in online
retail, owns and operates a portfolio of leading online consumer
shopping properties in comparison shopping, product discovery and
social shopping/group sales. With the highly targeted and desirable
audiences that Shopzilla aggregates and delivers via these properties,
Shopzilla is a leading source of sales for online retailers and
advertisers. Shopzilla reaches more than 40 million shoppers across
the United States, United Kingdom, France and Germany through its
destination Web sites, publisher syndication network, and point of
sale survey platform.
Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC),
and Tennenbaum Capital Partners are providing the debt financing in
support of the transaction.
About Shopzilla, Inc.
Shopzilla, Inc. manages a premier portfolio of online shopping brands
in the U.S. and Europe, consisting of Bizrate, Beso, Shopzilla, TaDa,
PrixMoinsCher, and SparDeinGeld. Shopzilla connects shoppers with more
than 100 million products from tens of thousands of retailers with its
unique portfolio of engaging and informative Web sites. Reaching a
global audience of more than 40 million shoppers each month through
both its destination Web sites and publisher syndication network,
Shopzilla is a leading source of sales and consumer feedback for
online merchants and retail advertisers. With offices in Los Angeles,
San Diego, and London, the company operates sites and business
services in the United States, the United Kingdom, France and Germany.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners™ (“TCP”) is a Los Angeles based,
multi-strategy alternative investment management firm focused
primarily on credit. Since the firm’s founding in 1996, TCP has
invested approximately $9 billion in over 180 portfolio companies. TCP
finds opportunity primarily in middle-market credits where the firm
can play a meaningful role in each situation. The firm’s investment
professionals have extensive expertise in operational, financial and
legal disciplines to successfully execute TCP’s investment strategies.
For more, please visit: www.tennenbaumcapital.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based
lending, accounts receivable and purchase order finance services of
Wells Fargo & Company and its subsidiaries, and provides traditional
asset-based lending, specialized senior secured financing, accounts
receivable financing and purchase order financing to companies across
the United States and Canada. Dedicated teams within Wells Fargo
Capital Finance provide financing solutions for companies in specific
industries such as retail, software publishing and high-technology,
commercial finance, staffing, government contracting, and others. For
more information, visit wellsfargocapitalfinance.com
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm
with the mission of investing in and building great software and
services companies. In addition to capital, STG provides
transformation expertise to enable its companies to deliver maximum
value to their clients, to drive growth through innovation, to retain
and attract the best talent and to achieve best in class business
performance. STG’s current portfolio consists of 12 global companies.