KKR, TA Associates Ink Financing for Fotolia Acquisition
Kohlberg Kravis Roberts & Co. L.P. announced the completion of the acquisition of Fotolia. On May 16, KKR announced a $150 million growth equity investment in Fotolia. In addition, KKR, TA Associates and Management worked with KKR Capital Markets and a number of relationship banks to put in place $150 million of senior financing for the company.
Founded in 2005, Fotolia offers its users over 17 million digital images and videos. Fotolia is the leading microstock platform in Europe and is ranked among the top stock photography websites globally, providing a unique marketplace for photographers to sell their images. Photographers receive commissions from each image that is licensed via Fotolia.
Philipp Freise, head of European Media Investments for KKR, commented: “This investment is about providing entrepreneurial capital and further accelerating Fotolia’s phenomenal growth. We are excited to partner with the team that has built Fotolia from a startup into one of the world’s leading microstock platforms.”
Oleg Tscheltzoff, co-founder and CEO of Fotolia, added: “Our goal is to be the global source of inspiration for designers and buyers of creative content. We are extremely proud to have KKR join Fotolia as a lead investor. The extensive worldwide network of KKR will enable us to cement our global leadership in the stock photography industry.”
KKR is a global investment firm with $62.3 billion in assets under management as of March 31, 2012.
TA Associates is a middle-market growth private equity firm.