NewStar Financial Serves as Documentation Agent in Senior Financing for SurveyMonkey
Investor Group Led by Spectrum Equity Investors Acquires a Majority Interest in SurveyMonkey
BOSTON, April 27, 2009 (GLOBE NEWSWIRE) -- NewStar Financial, Inc. (Nasdaq:NEWS), a Boston-based specialty finance company, announced today that it has served as Documentation Agent for a new senior financing supporting the acquisition of SurveyMonkey by an investor group led by Spectrum Equity Investors and including Bain Capital Ventures. Spectrum Equity Investors is a leading private equity firm focused on investing in profitable, growing services businesses. Founded in 1994, Spectrum manages over $4 billion in capital across five funds. Spectrum has been a very active investor in internet and information services businesses.
Founded in 1999, SurveyMonkey provides online subscription-based survey solutions that enable people to quickly and easily create surveys, collect responses and analyze survey results. SurveyMonkey provides the highest level of service to its customers with 24-hour support on weekdays and a one-hour customer response policy. Since inception, over two million users have registered with SurveyMonkey, creating over six million surveys and generating over 200 million completed surveys.
"NewStar played an integral role in the successful execution of the transaction. The NewStar team was very responsive and flexible throughout the process, and we are looking forward to building the relationship," said Ben Spero, Principal at Spectrum Equity Investors. "NewStar proved to be a reliable financing partner in the face of a very challenging credit environment."
NewStar acted as Documentation Agent for the senior secured credit facilities. "NewStar is very pleased to partner with Spectrum Equity Investors and the SurveyMonkey team to support the company's unique and proven business model, and we look forward to supporting SurveyMonkey's growth initiatives," said Scott Reeds, Director at NewStar. "This deal is a great opportunity to partner with and build a strong relationship with a top-tier equity sponsor in Spectrum Equity Investors."
NewStar's deal team included Scott Reeds and Tom Gillis.
About NewStar Financial, Inc.:
NewStar Financial (Nasdaq:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders.
NewStar is headquartered in Boston, MA and has regional offices in Darien, CT, Chicago, IL, and Charleston, SC. For more detailed transaction and contact information please visit www.newstarfin.com.
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CONTACT: NewStar Financial, Inc.
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