Riverbed|Aternity recapitalisation complete, clears debts and brings in $100 million of new cash.
Successful recapitalisation
Riverbed|Aternity today announced that it has successfully completed its recapitalisation, reducing its debt by over $1 billion and bringing in $100 million of new cash, positioning the company for growth and continued success over the long term. The recapitalisation was completed through an expedited voluntary court-supervised process.
The company delivers leading end-to-end visibility and network performance and acceleration solutions, that provide actionable insights and help organisations maximise productivity and their digital and IT investments. In the most recent quarter, total bookings for the company’s visibility solutions grew 37% year-over-year spurred by the demands of hybrid working environments.
Looking forward
On announcing the Riverbed|Aternity recapitalisation, Dan Smoot, the company’s President and CEO said, “We are pleased to have completed our recapitalisation on an accelerated timeline, significantly simplifying our balance sheet and positioning Riverbed|Aternity for a new phase of sustained growth and success. The future of the workplace is digital and hybrid, and we look forward to discussing our evolving strategy as we ensure Riverbed|Aternity is best positioned to capitalise on new market opportunities and deliver disruptive innovations for our customers. We appreciate the support of our customers and business partners throughout this process, and we thank our talented team for their continued focus and hard work.”
Smoot continued, “We are also grateful to our investors for their trust and guidance throughout this process. Their confidence in our company is a testament to the quality of our business model, solutions, and team, and has enabled us to finalise our recapitalisation quickly and efficiently. We look forward to having them onboard as our strategic partners moving forward.”
New owners
Following the Riverbed|Aternity recapitalisation, an ad hoc group of institutional investors led by Apollo have become the majority owners of Riverbed through their managed funds. Riverbed’s advisors include Kirkland & Ellis LLP as legal counsel, AlixPartners as restructuring advisor, and GLC Advisors & Co. as investment banker. The ad hoc group’s advisors include White & Case LLP as legal counsel and Centerview Partners as financial advisor. Davis Polk & Wardwell LLP is acting as counsel to certain members of the ad hoc group.
