Carlyle backs Avail-TVN with $100m for On Demand acquisition
The Carlyle Group has provided $100m in growth capital to US video provider Avail-TVN to acquire UK-based On Demand Group.
Carlyle joins existing investors Columbia Capital, Valhalla Partners, Novak Biddle and Pioneer Ventures, and will be the largest investor in the business upon completion of the deal.
The investment will be used to acquire UK-based video provider On Demand Group from video software business SeaChange International. The acquisition gives Avail-TVN access to more than 25 additional countries with more than 70 million households serviced. Equity will also go towards the expansion of Avail-TVN's product and service range.
The fresh equity was drawn from Carlyle US Growth Fund III and Carlyle Europe Technology Partners II. Silicon Valley Bank, RBS Citizens and Bank of America provided debt facilities for the deal.
Principal Will Darman and associate director William Smales led the transaction for Carlyle. Stephens Inc provided financial advice to Avail-TVN.
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