|
Yelp Receives Investment From Elevation Partners
Elevation Commits Up to $100 Million
Co-founder Marc Bodnick Joins Yelp Board of Directors
SAN FRANCISCO, Jan. 27 -- Yelp (http://www.yelp.com), the community-led local search site, today announced that private equity firm Elevation Partners has agreed to make a $25 million investment in Yelp through the purchase of Series E preferred stock. Elevation Partners will also seek to increase its total investment in Yelp to $100 million through a planned purchase of shares from vested employees and other eligible shareholders. The details of the offer to purchase are expected to be announced to qualified participants in the near future.
Full News Release (PDF)
, January 27, 2010
FORMER APPLE SOFTWARE CHIEF AVIE TEVANIAN JOINS ELEVATION PARTNERS
MENLO PARK, Calif. – January 12, 2010 - Elevation Partners today announced that Avadis “Avie” Tevanian has joined the firm as a Managing Director. Tevanian brings to Elevation more than two decades of operational and software expertise in consumer and technology businesses. Most recently, Tevanian was Chief Software Technology Officer at Apple, Inc., and a member of the company’s senior management team, where he led Apple’s software strategy and development.
Full News Release (PDF)
, January 12, 2010
EBAY VETERAN RAJIV DUTTA JOINS ELEVATION PARTNERS
MENLO PARK, Calif. – November 24, 2009 - Elevation Partners, a private equity firm focused on large-scale investments in market-leading consumer and technology businesses, announced today that Rajiv Dutta has joined the firm as a Managing Director. Mr. Dutta brings to Elevation more than 25 years of senior operational and investment experience in consumer and technology businesses. Most recently, Mr. Dutta served as Executive Vice President of eBay and President of eBay Marketplaces, where he created tremendous value for eBay investors.
In his new role, Mr. Dutta will work with Elevation’s five co-founders and the rest of the Elevation team to evaluate investment opportunities, advise the senior management of Elevation’s portfolio companies, and drive the overall strategy of the firm.
Full News Release (PDF)
, November 24, 2009
MarketShare Partners Announces Investment from Elevation Partners
LOS ANGELES and MENLO PARK Calif., – February 25, 2009 – MarketShare Partners
(MSP), the industry’s leading marketing analytics firm, today announced that private equity firm
Elevation Partners has made a minority equity investment in the Company. The terms of the
investment were not disclosed.
Full News Release (PDF)
, February 25, 2009
Palm Secures Additional $100 Million Equity Investment
SUNNYVALE, Calif., Dec. 22, 2008 -- Palm, Inc. (NASDAQ:PALM) today announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm. Under a definitive agreement reached today, Elevation will increase its investment in Palm by acquiring newly issued Series C preferred stock that is convertible into Palm common stock at a price of $3.25 per share, a 31 percent premium to the closing price of Palm common stock on Dec. 19, 2008. The Series C preferred stock carries a 0% dividend rate. Elevation will also receive warrants to acquire 7 million shares of Palm common stock at the same price. Prior to March 31, 2009, Palm may elect to cause Elevation to sell up to $49 million of this new investment to other investors on the same or better terms than on which Elevation invested.
“The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times,” said Ed Colligan, president and chief executive officer of Palm, Inc. “Elevation has been a great partner to Palm, and we appreciate their continued confidence and support.”
“We believe that Palm is in a position to transform the cell phone industry, and we are pleased to have the opportunity to make this additional investment in the company. Palm has an industry-leading team and an exciting, differentiated product roadmap. We are proud to be associated with the company and look forward to great things from Palm in 2009 and beyond,” stated Roger McNamee, co-founder of Elevation Partners.
Full News Release (PDF)
, December 22, 2008
Palm Closes Strategic Recapitalization with Elevation Partners
Rubinstein Named Executive Chairman, Anderson and McNamee Join Board
SUNNYVALE, Calif., Oct 24, 2007 (BUSINESS WIRE) -- Palm, Inc. (Nasdaq:PALM)
today announced that its recapitalization plan with the private-equity firm Elevation
Partners ("Elevation") has closed, positioning Palm to lead the next phase of the
smartphone and mobile-computing markets. Elevation has invested $325 million in Palm,
and the company will utilize these proceeds along with existing cash and $400 million of
new debt to finance a $9 per share cash distribution. Palm shareholders of record as of Oct.
24, 4 p.m. EDT, should receive the cash distribution within approximately 10 business
days.
Jon Rubinstein, former senior vice president of hardware engineering and head of the iPod
division at Apple, has joined Palm as executive chairman of the board, and Fred Anderson
and Roger McNamee, managing directors and co-founders of Elevation, have joined Palm's
board of directors. Rubinstein, Anderson, and McNamee replace Eric Benhamou and Bruce
Dunlevie, who resigned from Palm's board of directors. The total number of directors on
the board has been increased from eight to nine in connection with the transaction.
Full News Release (PDF)
, October 24, 2007
EA To Acquire BioWare Corp. and Pandemic Studios
REDWOOD CITY, Calif. - (BUSINESS WIRE) - Electronic Arts Inc. (NASDAQ:ERTS) today announced an agreement
with Elevation Partners to acquire VG Holding Corp. -- the owner of both BioWare Corp. and Pandemic Studios. This acquisition gives EA a strong competitive position in key genres in interactive entertainment: action, adventure and roleplaying
games. The two studios have been recognized for creating some of the highest-quality games in the industry.
Full News Release (PDF)
, October 11, 2007
Elevation Partners Executes Sale of BioWare Corp. and Pandemic Studios to Electronic Arts
MENLO PARK, Calif. ‐‐ October 11, 2007 ‐‐ Elevation Partners today announced it has entered into a
definitive agreement with Electronic Arts (NASDAQ:ERTS) under which Electronic Arts will acquire
Elevation’s portfolio company VG Holding Corp., which is comprised of BioWare Corp. and Pandemic
Studios. Under the terms of the agreement, EA will pay up to $620 million in cash to the stockholders of VG Holding Corp. and will issue up to $155 million in equity to certain employees of VG Holding Corp., which
will be subject to time‐based or performance‐based vesting criteria. EA will also assume outstanding VG
Holding Corp. stock options. In addition, EA has agreed to lend VG Holding Corp. up to $35 million
through the closing of the acquisition.
Elevation Partners acquired both BioWare Corp. and Pandemic Studios in 2005 and combined them to create
BioWare/Pandemic Studios, one of the world’s largest independent game developers. BioWare Corp. is an
industry powerhouse known for its role‐playing games rich in story and character and Pandemic Studios is a
leading force in the action/adventure category. Combined, the companies employ approximately 800
employees in four studios located in Los Angeles, Austin, Edmonton, Canada and Brisbane, Australia.
“We are proud to have partnered with the management teams of BioWare/Pandemic Studios and collectively
created significant shareholder value during our ownership period,” said Bret Pearlman, co‐founder and
managing director of Elevation Partners and chairman of VG Holding Corp. ʺThe Pandemic and BioWare
teams have set a new standard for creativity that will be a great fit for EA.
Full News Release (PDF)
, October 11, 2007
Elevation Partners to Acquire SDI Media Group
Los Angeles, CA – July 11, 2007 – SDI Media Group, the world’s largest provider of subtitling and language dubbing services to the entertainment industry, announced today that it is being acquired by Elevation Partners. Elevation is purchasing the company from Warburg Pincus, the private equity firm that acquired SDI Media in 2004.
Full News Release (PDF)
, July 11, 2007
Palm Announces Strategic Recapitalization with Elevation Partners
SUNNYVALE, Calif., June 4, 2007 – Palm, Inc., (Nasdaq: PALM) today announced a strategic relationship with the private-equity firm Elevation Partners (“Elevation”) and a recapitalization plan that will position Palm to lead the next phase of the smartphone and mobile-computing markets. Under the planned recapitalization, shareholders will receive a $9 per share cash distribution. Elevation will invest $325 million in Palm, and the company will utilize these proceeds along with existing cash and $400 million of new debt to finance the cash distribution.
Full News Release (PDF)
, June 4, 2007
Elevation Partners’ Statement on John Riccitiello’s Appointment as CEO of Electronic Arts
MENLO PARK, CA - The private equity firm Elevation Partners today issued the following statement following the announcement that John Riccitiello has accepted the position of Chief Executive Officer at Electronic Arts (NASDQ:ERTS).
“The employees and partners at Elevation and our extended family of portfolio companies congratulate John on his election by the EA board of directors to the position of chief executive officer. John is a hugely talented executive in the video game industry and he is the perfect person to lead EA during this period of dramatic change in the industry. We look forward to continuing to work with John and his team at EA.
Full News Release (PDF)
, February 26, 2007
Veteran Online Executive to Join Elevation Partners as an Executive-in-Residence
MENLO PARK, Calif. – February 23, 2007 - Elevation Partners, a leading private equity firm focused on making large-scale investments in market-leading media, entertainment, and consumer-related businesses, announced today that Ted Meisel, the former CEO of Overture Services, has joined the firm as an Executive-in-Residence. In this role, Mr. Meisel will serve as an advisor to the firm and its portfolio companies.
Full News Release (PDF)
, February 23, 2007
Forbes Announces Elevation Partners Investment in Family Held Company
Both Companies Cite Exciting Opportunities for Growth and the Future
New York, NY, August 7, 2006 -- Forbes, a family held company, announced today an investment in the company by Elevation Partners in which the private equity firm has become a minority shareholder in a newly formed company, Forbes Media, LLC, the publisher of Forbes magazine, Forbes.com and other media properties.
Full News Release (PDF)
, August 7, 2006
BONO -- Persons of the Year -- TIME
The inside story of how the world’s biggest rock star mastered the political game and persuaded the world’s leaders to take on global poverty. And he’s not done yet.
By Josh Tyrangiel.
Full News Release (PDF)
, January 2, 2006
Homestore, Inc. Announces $100 Million Strategic Investment by Elevation Partners
Homestore, Inc. (NASDAQ: HOMS), the leading provider of real estate media and technology solutions, today announced that Elevation Partners, a private equity firm, has agreed to invest $100 million in Homestore in the form of convertible preferred stock.
Full News Release (PDF)
, November 7, 2005
Elevation Partners’ First Investment Creates BioWare, Pandemic Partnership
The private equity firm Elevation Partners has announced the formation of a creative and management partnership with Pandemic Studios, LLC and BioWare Corp. (bioware.pandemicstudios.com ), two leading independent video game developers. The combined investment, including future capital needs, will be more than $300 million, creating one of the world’s best-funded and largest independent game development houses.
Full News Release (PDF)
, November 3, 2005
|
|
|
