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Maranon Capital provides one-stop financing for PKWare

Maranon Capital has closed a USD38m one-stop financing facility to support the purchase of PKWare by Novacap Technologies III and management.

Maranon’s investment consisted of USD28m of senior revolving credit and term debt and USD10m of mezzanine debt.

Maranon also invested USD4m of equity in the transaction.

Grace Matthews provided advisory services to PKWare and also invested in the transaction through an affiliate.

“Maranon’s ability to provide all of the senior and mezzanine debt required to complete the transaction was a key reason we selected them as our financing partner,” says Pierre McMaster, a general partner at Novacap. “In addition, Maranon’s approval process provided us with the high degree of certainty we needed to manage the seller’s expectations in a very difficult debt environment.”

Tom Gregory, managing director and co-founder of Maranon Capital, adds: “We are investing in leading middle market companies alongside private equity firms and management teams that have deep domain expertise and meaningful operating experience. We are looking forward to working with Novacap and the management owners at PKWare.”

PKWare specialises in data compression and file management. With the launch of SecureZip in 2005, it successfully entered the data security marketplace, combining Zip compression and strong encryption to deliver a data-centric security solution. Today, SecureZip is used by over 200 government agencies and 30,000 corporate entities, including 90 per cent of the Fortune 100.

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