SolarWinds

active

Software — Thoma Bravo / Silver Lake

Deal Terms

Entry Year2016

Entry EV$4.5B

Entry Multiple11x

Leverage5x

Debt Amount$2.25B

Risk Metrics

LTV (est.)50%

Debt / EV0.50x

Notes

$4.5B take-private. Cost-cutting playbook preceded massive SUNBURST cyberattack (2020) — largest supply chain hack in US history. PE owners sold $315M in stock 6 days before disclosure. SEC sued over security failures. IPO'd, then taken private AGAIN by Thoma Bravo at $4.4B (2022).

Sponsor

Thoma Bravo$166B AUM

Hot Potato History

2009→Public Market($0.3B)

2016→Thoma Bravo + Silver Lake($4.5B)

2018→Public (IPO)($4.5B)

Silver Lake sold ~$1B in stock days before the 2020 Russian hack disclosure. SEC investigated. Stock cratered 40%. Silver Lake slowly exiting.