Francisco Partners Funds offers to takeover Blancco Technology Group for £175 million

LONDON, UK: White Bidco Limited, an entity indirectly owned by the Francisco Partners Funds, has made an offer to takeover Blancco Technology Group Plc at the rate of 223 pence in cash for each Blancco share valuing the entire issued and to be issued share capital of Blancco Technology at approximately £175 million.

  The Cash Consideration payable to Blancco Shareholders under the terms of the Offer will be financed by a combination of equity funding to be invested indirectly by the Francisco Partners Funds and committed debt funding to be provided by the Lenders under the Interim Facilities Agreement.

Francisco Partners Funds believes Blancco is poised to capitalize on durable market tailwinds driven by a heightened focus on sustainability and e-waste reduction.

As a leader in its market, Blancco’s strong product portfolio and deep understanding of its customers’ needs enable it to provide differentiated software solutions.

The acquisition represents an attractive opportunity due to Blancco’s reputation within its market as evidenced by its expansive base of customers; opportunity to accelerate organic growth as well as pursue strategic investments; and ability to execute its longer-term strategy without the demands of a public listing.

Francisco Partners has extensive experience with assisting growing software companies such as Blancco in creating long-term value and believes it is well positioned to support Blancco’s management team in accelerating organic and inorganic growth by providing access to additional capital, expertise and resources, as needed.

Commenting on the Acquisition, Brian Decker and Karl Shum, of Francisco Partners, said: “We have been very impressed with the leading market position that Blancco has established through its best-in-class solutions and are thrilled to be partnering with Blancco’s management team to drive the next phase of expansion.”

Additionally, Ravi Bhatt, of Francisco Partners, said: “Sustainability and e-waste reduction are increasing strategic priorities for customers of all sizes globally, and we see tremendous organic and inorganic growth opportunities for Blancco worldwide.”

Commenting on the Acquisition, Rob Woodward, Chair of Blancco, said: “We are pleased to have reached an agreement with Francisco Partners which delivers immediate value to our shareholders. Francisco Partners shares our vision for Blancco and, as such, we believe it is a suitable and appropriate partner for our employees, partners, customers and other stakeholders. The Board is unanimous in its belief that today’s transaction appropriately reflects the company’s innovative and strong business while delivering shareholder value. I am proud to have worked alongside Blancco’s outstanding management team and fellow Directors to grow Blancco over the past several years.”

Additionally, Matt Jones, Chief Executive Officer of Blancco, said: “Since its founding 26 years ago, Blancco has created and delivered innovative solutions, with a focus on building a world class data eraser and diagnostic software platform. We are pleased to partner with Francisco Partners, who are committed to continuing to build upon Blancco’s strong foundation and achieve its full potential. I want to thank each employee for their dedication to Blancco and contributing to our continued success.”

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