Case File
efta-01378200DOJ Data Set 10OtherEFTA01378200
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DOJ Data Set 10
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efta-01378200
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SRLP102 Alpha Group Capital
Digital River: Results Post-Close
Key Achievements Post-Close
Feb. 20
Close Acquisition
Call Subsidiary Sold
• Canadian payments subsidiary, LML, sold
to Bambora for $95 mm or 16x EBITDA
• Repaid 28% of acquisition debt
Non-core Subsidiary Sold
• Email marketing subsidiary, Blue Hornet,
sold to Marlin Equity Partners for $25
mm or 6x EBITDA
• Repaid 6% of acquisition debt
Cost Savings /EBITDA Growth
• 2015A EBITDA increased to $51 mm up
from 2014A EBITDA of $39 mm,
excluding $15 mm from divestitures
• $29 mm of run-rate cost savings
achieved, ahead of plan
Cost Savings/ EBITDA Growth
• Excluding divestitures, 2016 EBITDA of
$68 mm vs. $39 mm entry EBITDA
• Cumulative $47 mm of run-rate cost
savings initiatives achieved
a. 2017
Call Subsidiary Sold
• Swedish payments subsidiary, DRWP,
sale to Worldline/Atos for $63 mm or 20x
Contribution Profit
• Repaid 19% of acquisition debt
Follow-on Investment
• $30 mm investment to fund amounts for
technology platform investments,
restructuring and provide for additional
• Sims
near-term liquidity
cc.. -
CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e)
CONFIDENTIAL
Gross Unrealized Returns
(Slum)
Total Gross MOIC
Fund + Co-Invest 1.2x
Fund only: 1.2x
$508
$508
1.Ox
G
R
$366
$366
O
S
S
0.0x
Feb-2015
Acquisition
Unrealized
Total
M
($297)
Value
Value
I
C
(S116)
0.04
Co-Investor Sharo
• Fund Share
($407)
Note: Ks um, include unre.dirxd vsluanon. The atual vst,Md morn of such tounlized nwreamento may
differ matenally from the returns inthcaed herein. Please sa -AppenSix-Fooinou€ for add atonal
corenderatons.nd defmamonm. Pam performance a nor nawitally Indicdfive of Intuit rftuln.
37
DB-SDNY-0075361
SDNY_GM_00221545
EFTA01378200
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