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Blue Coat Systems
exitedSoftware / Cybersecurity — Thoma Bravo / Bain Capital
Deal Terms
Entry Year2015
Entry EV$2.4B
Entry Multiple12x
Leverage5.5x
Debt Amount$1.3B
Outcome
Exit Year2016
Risk Metrics
LTV (est.)54%
Debt / EV0.54x
Notes
Bain took Blue Coat private ($2.4B, 2012). Thoma Bravo acquired from Bain ($2.4B, 2015). Symantec acquired for $4.65B (2016) — just one year later. Classic PE quick-flip doubling. But: Blue Coat had sold surveillance tech to Syria's Assad regime. Symantec inherited the reputational damage and eventually spun out enterprise business.
Sponsor
Bain Capital$185B AUM