Dun & Bradstreet (PE take-private)

active

Financial Technology — CC Capital / Cannae Holdings / Thomas H. Lee

Deal Terms

Entry Year2019

Entry EV$6.9B

Entry Multiple10x

Leverage6x

Debt Amount$4.14B

Risk Metrics

LTV (est.)60%

Debt / EV0.60x

Notes

PE consortium took 179-year-old business data provider private for $6.9B (2019). Slashed costs, reduced headcount. Re-IPO'd July 2020 at $22/share. Stock has massively underperformed. $4.14B debt. PE's standard play: take private, cut costs, re-IPO. But Dun & Bradstreet's core data business faces AI disruption. PE extracted fees at every stage.

Sponsor

Thoma Bravo$166B AUM