Cannae SPAC Presentation Deck
dun & bradstreet
On 6/28/21 Cannae sold 8.5M DNB shares at $21.88 for gross proceeds of $186M-a 2.8x return on investment
Company Overview
Dun & Bradstreet is a leading provider of commercial data, analytics and insight on businesses worldwide
D&B operates through two customer solution sets:
Risk Management Solutions, which provides solutions that help customers mitigate credit, operational, and
regulatory risks
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-
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Sales & Marketing Solutions, which help clients increase revenue from new and existing customers by identifying
target customers, updating data on current and potential customers, and allocating advertising budgets to reach
target audiences
Global commercial database contains over 300 million business records
DNB investment returns to date
Cost of Invested
Capital (2)
-$659.7M
Current Gross FMV of
Investment
~$1.27B
$9.69 (2)
$7.81 (3)
Cannae's DNB Cost Basis
Implied Gross MOIC
$22.00
-1.9x
Cannae Participation in the LBO Results in Significant Outperformance versus
IPO Investors (1)
DNB IPO Price
Implied Gross Return
-93%
$18.63
Current DNB Share Price
Current DNB share price of $18.63 is +93% above Cannae's cost basis and -15% below the IPO price
Source: Public company filings and market data as of 8/5/2021.
(1) Returns are hypothetical/ for illustrative purposes. Based on Cannae's total current cost of invested capital in DNB as of 8/5/2021
Cannae Investment Summary
Investment Date
Total Invested
Capital
Current
Ownership
Current Value
Current Gain
$22.00
July 2020
2019
$659.7M / $9.69
per share
$1.27B
$608.1M / 1.9x
(2) Represents Cannae's Cost of Invested Capital / Tax Basis.
(3) Represents Cannae's cost basis in DNB at the time of DNB's IPO.
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In February 2019, Cannae and Bill Foley led an investor group
in the take-private of Dun & Bradstreet
•
CH
CANNAE
HOLDINGS, INC.
Initially invested $505M for ~20% ownership
Subsequently invested $21M for M&A (Lattice Engines net
investment less sale of shares) and $200M at time of DNB's
IPO in June 2020
• Cannae's total current cost basis is $660M / average cost
basis of $9.69
●
• In June 2021 Cannae sold 8.5M shares for gross proceeds of
$186M
DNB Stock Price Performance Since IPO
$30
$28
$26
$24
$22
$20
$18
68.1M shares / 16% ownership stake
Gross market value of Cannae's investment is $1.27B based
on DNB stock price of 18.63 as of 8/5/2021
Mark-to-market gain on investment is $608.1B or 1.9x before
taxes and fees
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dun & bradstreet
August 2021
8/5/2021
$18.63
CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 | 17View entire presentation