SPAC Watch: Thoma Bravo Enters the Fray
January 7, 2021

Private Equity firm Thoma Bravo has joined in on the SPAC boom, looking to raise ~$900mm for Thoma Bravo Advantage in an S-1 filed last week. Unsurprisingly, the technology-focused enterprise, whose portfolio companies include Barracuda and Imperva, will target a software franchise. Their S-1 doesn’t explicitly state the size of target they are looking it at, it does highlight they will be looking for a market leader with the opportunity to add additional value.

Increasingly, we’re seeing SPACs become more popular for the VC community typically focused on traditional IPOs or direct listings.

This will be the first SPAC go for the Bravo team:

The Team

Orlando Bravo (A-): Bravo is a co-founder and managing partner at Thoma Bravo, one of the most recognizable dealmakers in the business. He’s chairman of Advantage’s board of directors.

Robert Sayle: Thoma Bravo partner Sayle is the CEO of Advantage; he’s been with the Thoma Bravo for over 15 years, and has been instrumental in the firm’s development and success.

Amy Coleman Redenbaugh: Redenbaugh is the CFO of advantage, the same position she holds at Thoma Bravo.

In addition to Bravo, the board of directors has an array of successful and reputable leaders:

Leslie Brun (B-): Brun is the Chairman and CEO of Sarr Group, his investment holding company. He also founded Hamilton Lane,  a leading Private Equity advisory and management firm.

James McMartin (B+): McMartin, also known as Cam, is the former CFO and COO of SailPoint Technologies Holdings. He’s also had experience as the CFO of CenterPoint Ventures, a VC firm.

Pierre Naudé: Naudé played a key role in the founding nCino, a fin-tech company where he is CEO.

Structure

  • 90M units, each unit 1 Common Share and 1/5 of a Warrant
  • Tickers to be TBA.U, TBA, and TBA.W respectively
  • Citi is leading with DB and GS on the right

Take Away

With accomplished, veteran leadership complimenting a $900mm war-chest, be on the lookout for Thoma Bravo Advantage to make a splashy acquisition in 2021.

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