PALO ALTO, Calif – June 2, 2011 — Symphony Technology Group (STG), a strategic private equity firm with the mission of investing in and building great software and service companies, today announced that its acquisition of Shopzilla Inc., from Scripps Networks Interactive Inc. (NYSE:SNI) has closed. The transaction, which was announced April 28th, was for $165 million, comprised of $150 million in cash and $15 million in deferred payments. Symphony Technology Group intends to continue to accelerate the growth of Shopzilla through innovation and operational expertise.
Shopzilla Inc., a consumer lead generation platform focused in online retail, owns and operates a portfolio of leading online consumer shopping properties in comparison shopping, product discovery and social shopping/group sales. With the highly targeted and desirable audiences that Shopzilla aggregates and delivers via these properties, Shopzilla is a leading source of sales for online retailers and advertisers. Shopzilla reaches more than 40 million shoppers across the United States, United Kingdom, France and Germany through its destination Web sites, publisher syndication network, and point of sale survey platform.
Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC), and Tennenbaum Capital Partners are providing the debt financing in support of the transaction.
About Shopzilla, Inc.
Shopzilla, Inc. manages a premier portfolio of online shopping brands in the U.S. and Europe, consisting of Bizrate, Beso, Shopzilla, TaDa, PrixMoinsCher, and SparDeinGeld. Shopzilla connects shoppers with more than 100 million products from tens of thousands of retailers with its unique portfolio of engaging and informative Web sites. Reaching a global audience of more than 40 million shoppers each month through both its destination Web sites and publisher syndication network, Shopzilla is a leading source of sales and consumer feedback for online merchants and retail advertisers. With offices in Los Angeles, San Diego, and London, the company operates sites and business services in the United States, the United Kingdom, France and Germany.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners™ (“TCP”) is a Los Angeles based, multi-strategy alternative investment management firm focused primarily on credit. Since the firm’s founding in 1996, TCP has invested approximately $9 billion in over 180 portfolio companies. TCP finds opportunity primarily in middle-market credits where the firm can play a meaningful role in each situation. The firm’s investment professionals have extensive expertise in operational, financial and legal disciplines to successfully execute TCP’s investment strategies. For more, please visit: www.tennenbaumcapital.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, and others. For more information, visit wellsfargocapitalfinance.com
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great software and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG’s current portfolio consists of 12 global companies. For more information, visit: www.symphonytg.com.