Shutterfly

restructured

Software / E-Commerce — Apollo

Deal Terms

Entry Year2019

Entry EV$2.7B

Entry Multiple10x

Leverage7x

Debt Amount$1.89B

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

Apollo's $2.7B take-private loaded $1.9B debt. Photo printing business declining. Apollo merged with Snapfish, Lifetouch (school photos). COVID hit school photos hard. Debt restructured 2023 — Apollo wiped out. Lenders took ownership.

Sponsor

Apollo Global Management$938B AUM