Mesirow Private Equity
Sector
Stage
Headquarters
Co-Investment Example
PDFTron Systems, Inc.
CEO
Description
M
PDFTron Systems, Inc.
■
Enterprise Software
Buyout
Vancouver, BC, Canada
Catherine Andersz
Developer of software tools to help enable document
processing, conversion, viewing and collaboration
Investment Thesis
■ Core product is a software development kit ("SDK") which is a set of tools,
libraries, code and processes that 3rd party developers utilize to enable
document processing capabilities
▪ Leader in the highly-fragmented PDF SDK ecosystem, due to its comprehensive
offering, superior developer experience, strong technical support and high quality
cross-platform capabilities
PDFTRON
Diversified base of 650+ paying customers with the top customer accounting for
3% of March 2019 ACV
Fragmented market provides substantial opportunity for growth via tuck-in
acquisitions
Financial Performance ($ in millions)¹
2019
$14
11
75%
2017
$10
8
84%
2.5x (as of 6/30/2021)
2018
$13
11
83%
2020
$33
18
56%
6/30 LTM
$55
31
56%
Source
Other Key Investors
Initial Investment
Investment / Ownership
Description
■
■
Mesirow
Status: Partial realization
▪ The integration of prior acquisitions are on plan as the company continues to
selectively pursue additional M&A opportunities
Investment Overview
Silversmith Capital Partners
Thoma Bravo Discover
May 14, 2019
$22.0 million / 9.6% (post sale to Thoma Bravo)
Participated alongside Silversmith in the acquisition
of 85% of the company at a $150 million enterprise
value;
Post-Investment Activity
For the quarter ending June 30, 2021, the Company generated revenue of $16.7
million and Adjusted EBITDA of $9.7 million, representing growth of 125% and
171%, respectively, relative to the comparable quarter in the prior year
Fund VII-B
Valuation
▪ On May 28, 2021, Thoma Bravo Discover acquired a majority stake in PDFTron
at an enterprise value of $625 million. As part of the transaction, Fund VII-B
realized $82.1 million and retains an interest valued at $53.1 million
6/30/2021 Valuation ($ in millions)
Realized
Total Value
Cost
$22.0
MOIC²
6.1x
$82.1
$135.2
Valued at 20.3x LTM pro forma adjusted EBITDA based on recent
recapitalization of the business
Revenue
PF Adjusted EBITDA
Margin
Net Debt / EBITDA
1.
April 31st fiscal year. LTM figures are pro forma acquisitions.
2.
Gross MOIC represents multiple of invested capital, calculated by dividing the investment's cumulative distributions and unrealized value by the total invested capital. Accordingly, it is not reduced by fees incurred by the fund.
The above referenced company and general partner relationship have been included to illustrate Mesirow Private Equity's investment process. The inclusion is not designed to convey that such past specific selections would have been successful for any person. It should not be assumed
that this or similar investment opportunity selections made in the future will be successful or will equal the past performance of that described above.
17 | MESIROW PRIVATE EQUITY
TRADE SECRET, CONFIDENTIAL AND PROPRIETARY FOR INSTITUTIONAL USE ONLYView entire presentation