Curious if anybody is familiar with any funds which do distressed/turnaround software buyouts. I understand there likely isn't a big market for this, and players like Thoma Bravo already buy EBITDA neutral software to improve.
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STG (Symphony Technology Group)
Francisco Partners (to some extent)
Believe Vector does mostly value oriented software / technology investing.
Diversis Capital in LA
Siris - Don’t know if it’s distressed as much as it is value/deep value oriented
That's one of the hardest strategies to get right. I call it "shit growth". Basically it's where a lower mid market business is only growing 5-10% each year but is also burning cash. Very hard to re-accelerate growth while also managing burn. You often buy these companies for sub 1x LTM revenue and it involves a shit ton of work and restructuring the capital structure, inserting liq prefs, draining the esop and firing management, and trying to convert the dev/product to much more efficient code. Not worth it IMHO given rate of failure.
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