Bailador has accepted a third-party offer of $5M for a small portion of its investment in SiteMinder, resulting in a valuation uplift of 45% above its current holding value.
With BTI currently holding all of its portfolio at cost plus accrued interest or latest third party investment valuation, BTI has until now held its investment in SiteMinder at $25m. A 45% uplift results in a revised valuation of $36.3M. After selling down a small stake, BTI’s Balance Sheet will report a $31.3M holding in SiteMinder and an additional $5M in cash.
The uplift in valuation is a reflection of the outstanding performance of the company over the past 12 months, which has seen robust revenue growth, continued market leadership in Australia, Europe and Asia, and the fastest growing market share in the US.
The stake in SiteMinder is to be acquired by a blue chip investor with over $5 billion in assets under management. Bailador is selling down the portion of its position in SiteMinder in order to rebalance its investment portfolio, where SiteMinder was approaching 50% of invested assets.
Paul Wilson, Partner at BTI and Chairman of SiteMinder, commented, “Bailador retains the majority of our position in SiteMinder, reflecting our very positive view on the company and its management. This global leading business is emerging as another great Australian technology success story.”
Click Here for the full press release submitted to the ASX.
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