Thoma Bravo receives bids for Elemica

Thoma Bravo is receiving bids for digital supply network provider Elemica, sources familiar with the process told Buyouts.

Final bids for Elemica are due in a week, the people said. Sponsors and at least one strategic are in the mix, they said.

Aeris Partners is advising Elemica on the sale, they said.

Elemica, of Wayne, Pennsylvania, provides a cloud-based digital supply network for process manufacturers. Process manufacturers produce goods by combining components like ingredients following a recipe or formula. Process manufacturers produce goods like soft drinks, refined oil and pharamceuticals.

Elemica’s network connects process manufacturers with their direct material suppliers, logistics service providers and customers.

Some of the company’s customers include Shell, Michelin, the Dow Chemical Company and Bayer.

Elemica generated $20 million Ebitda and $60 million in revenue, the people said. Thoma Bravo is expecting to fetch more than $400 million for the company, a person close to the company said.

Elemica is one of a few software companies the firm is currently looking to exit.

In June, Thoma Bravo has started a sale process for Continuum, an IT software management provider. The firm also put iPipeline, an insurtech company, on the block.

Last month, Thoma Bravo sold DigiCert, a provider of identity and encryption solutions, to TA Associates and Clearlake Capital.

The firm has owned most of these assets for two-to-four years. Thoma Bravo acquired Elemica in July 2016, Continuum in 2017, and iPipeline and DigiCert in 2015.

The tech-focused firm raised $12.6 billion for its latest flagship in January 2019, Reuters reported. Thoma Bravo Fund XII closed on $7.6 billion in 2016 while Fund XI weighed in at $3.65 billion.

Thoma Bravo, which has more than $30 billion in capital commitments, is focused on investments in application and infrastructure software and technology enabled services.

Thoma Bravo and Elemica declined to comment for the story.

Action Item: To contact A.J. Rohde, the lede partner on Elemica deal, call 415-249-6708.