Golden Gate, Summit Partners Complete Merger of Infor, Lawson
Golden Gate Capital and Summit Partners announced the completion of the merger and recapitalization of Infor and Lawson Software. The transaction included new and extended debt financing with an average maturity date of 2018. Based in New York, NY, the combined company, Infor, is a provider of enterprise business applications software and services.
Bank of America Merrill Lynch served as left lead arranger on the debt financing as well as exclusive financial advisor to Lawson. Other lead arrangers included Credit Suisse, JPMorgan, Morgan Stanley, Barclays, Deutsche Bank, RBC Capital Markets and KKR Capital Markets.
Combined with the recent equity investment in Lawson, more than $1 billion of new equity has been invested in Infor in the past year. Infor refinanced its debt capital structure, reducing total debt by more than $600 million and extending debt financing with an average maturity date of 2018.
“We are deeply grateful for the financial backing from Golden Gate Capital and Summit Partners, two of the most respected technology investors in the industry, who combined to invest more than $1 billion of equity to support Infor’s merger with Lawson. With a disruptive product and technology strategy and compelling market position, Infor is well-positioned to drive industry-leading growth while continuing to invest heavily in our products,” said Charles Phillips, CEO of Infor.
“Ten years into our partnership with Infor, we are making our largest investment to-date, which is a powerful endorsement of the company’s strategy, performance and management team,” said David Dominik, co-founder and managing director of Golden Gate Capital.
“We are very pleased to participate in the development of one of the world’s largest privately held software companies. This combination puts two world-class enterprise application software providers at the forefront of innovation, and unifies operational and strategic capabilities under a single management team and vision,” said C.J. Fitzgerald, a managing director of Summit Partners, who will join the Infor board.
Morgan Stanley acted as exclusive financial advisor to Infor. Credit Suisse acted as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to Golden Gate Capital and Summit Partners.
Golden Gate Capital is a San Francisco-based private equity investment firm that partners with world-class management teams to invest in change-intensive, growth-oriented businesses.
Summit Partners is a growth equity firm that invests in rapidly growing companies.
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