Thoma Bravo is in talks to merge shipping software provider Auctane with third-party logistics company WWEX to create a combined business valued at up to $12bn, according to a report by Bloomberg citing people familiar with the matter. The private equity firm is reportedly proposing an equity injection of around $500m into the new company.
Under the proposal, some existing WWEX shareholders would roll their equity into the combined group. WWEX is owned by Ridgemont Equity Partners, Providence Equity Partners, CVC Capital Partners and growth investor PSG. Discussions reportedly are ongoing and there is no certainty that a transaction will be completed.
Thoma Bravo has approached private credit managers for a direct loan of about $5bn to help finance the deal, which would also refinance the existing debt at both Auctane and WWEX. Blackstone, a current lender to Auctane, is among the firms in discussions.
Thoma Bravo acquired Auctane, then known as Stamps.com, for $6.6bn in 2021, supported by a $2.6bn unitranche loan from direct lenders including Blackstone. WWEX reported $4.4bn of annual revenue last year through its subsidiaries.
