William Blair is acting as the exclusive financial advisor to SpareFoot, a portfolio company of Insight Venture Partners, Silverton Partners, and Revolution Growth, in connection with its pending acquisition of SiteLink and the pending sale of the combined entity to Cove Hill Partners. The transaction is expected to close in April 2018.
Transaction Highlights
- Deep relationships and industry expertise: SpareFoot was attracted to William Blair’s extensive industry knowledge and experience across both the e-commerce and software sectors, as well the firm’s strong relationships with the most aggressive and likely strategic and financial acquirers.
- Process and execution excellence: William Blair successfully positioned the combination of SpareFoot, the leading marketplace in self-storage, and SiteLink, the leading software platform in self-storage, in a unique transaction set to capitalize on the proven marketplace + software model. William Blair designed a process that maximized interest and competition, ultimately providing an exceptional outcome for SpareFoot’s shareholders.
- Instrumental guidance and counsel: William Blair’s deal team was integrally involved throughout the transaction, providing guidance on M&A process strategy and valuation, coordinating due diligence with multiple parties, and negotiating favorable contract terms.
About the Companies
SpareFoot was founded by Chuck Gordon and Mario Feghali from their dorm room at UCLA, and has grown to become the largest online marketplace for consumers to find and book self-storage. SpareFoot offers consumers the ability to find storage facilities, compare deals, and book seamlessly across more than 12,000 facilities in the United States on SpareFoot.com and SelfStorage.com. The company was founded in 2008 and is based in Austin, Texas.
SiteLink is the global leader in self-storage management software and in-house payment processing. The company also offers an open API platform to technology and marketing partners. SiteLink was founded in 1996 and will remain based in Raleigh, North Carolina.
Insight Venture Partners is a leading venture capital and private equity firm focused on investing in high-growth technology companies. The firm has raised more than $18 billion and invested in over 300 companies worldwide. Silverton Partners is an early-stage venture capital firm focused on high-growth companies in software and consumer internet. Revolution Growth makes growth-stage investments of $10 million and above, primarily in consumer technology businesses.
Cove Hill Partners is a recently formed private equity firm focused on investing in market-leading consumer and technology companies. The firm has raised over $1 billion. SpareFoot represents Cove Hill Partners’ first investment.
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