RealPage’s buyout, parent companies and financing

documentedRealPage’s 2010 IPO offered 12.3 million shares at $11: six million sold by the company and 6.3 million by selling shareholders. The pre-offering ownership table attributed 53.4% to Stephen Winn and affiliated entities, 26.3% to Apax funds, 6.8% to Advance Capital funds and 4.7% to Camden Partners funds. ⁴

qualification

These are historical pre-IPO positions. The prospectus cover and ownership table use different post-offering percentages; neither establishes current ownership.

documentedThe merger proxy identifies Thoma Bravo Fund XIII, L.P. and Thoma Bravo Fund XIV, L.P. as affiliates of the acquisition vehicles and the intended indirect owners with certain affiliates. The funds committed $7.36 billion of equity and supplied a limited guarantee; the proxy also described $4 billion of debt commitments. ⁵

qualification

Commitments in the proxy are not amounts ultimately drawn or a complete post-closing ownership table.

documentedStephen Winn and his holding entities agreed on 20 December 2020 to vote for the merger. The agreement listed 1,419,700 shares held personally, 5,804,587 through Seren Capital, Ltd. and three million through Seren Capital II, Ltd. Scott Crabill signed for Mirasol Parent as president and assistant secretary. ^{7 5}

qualification

A voting agreement establishes the voting commitment, not by itself a later rollover investment.

documentedThe acquisition announcement valued RealPage at approximately $10.2 billion including net debt. The proxy estimated roughly $11.3 billion required for the merger, related transactions and expenses. The closing filing instead described aggregate consideration of about $11.8 billion and $6.88 billion of equity financing, alongside debt facilities and other funding sources. ^{1 2 3}

qualification

The figures come from different stages and definitions. They should not be added together or treated as three contradictory estimates of the same measure.

documentedRealPage’s September 2024 corporate disclosure named RealPage Holdings, LLC, RealPage Intermediate Holdings, Inc. and RealPage Parent, LP as parent companies. A later New York docket disclosure also named Parent, LP and identified Holdings and Intermediate Holdings as affiliates. ^{1 2}

qualification

These disclosures identify upstream entities but do not supply a complete percentage-by-percentage ownership chain between all three. The network therefore labels upstream roles without inventing intermediate percentages.

documentedRealPage Parent, LP is a Delaware limited partnership formed in 2020, formerly RP Property Parent, LP. Its January 2022 Form D reported $18.643 million sold to 155 investors, with first sale on 29 December 2021. Related persons included Dana Jones, David Monk, Samuel Scott Crabill, Tara Gadgil, John Charles Goodman, Erik Akopiantz and Kyle Warren. ^{3 4}

qualification

An exempt-offering notice does not identify all ultimate beneficial owners or their percentages.

documentedA fund investment schedule at 30 June 2024 records an April 2021 co-investment in RealPage Parent, LP by NB Crossroads Private Markets Fund VI Holdings LP, with acquisition cost of $4.1 million and reported fair value of $6,050,379. ⁵

qualification

Cost and fair value are different measures and reveal neither the ownership percentage nor a current sale value.

documentedWinn’s Form 4 records that some shares held by Seren Capital II, Ltd. were contributed immediately before closing to RealPage’s parent in exchange for equity interests. Other shares became rights to $88.75 in cash. ^{6 7}

qualification

The retained disclosure does not quantify the resulting parent-company percentage or name that parent within the rollover footnote. It does not establish sole Thoma Bravo ownership.