Clearlake Capital and Blackstone’s Investment in Diligent Corporation

Sidley Austin LLP represented Clearlake Capital Group L.P, while Willkie Farr & Gallagher LLP acted as legal counsel to Diligent. Kirkland & Ellis LLP advised Blackstone on the deal.

Diligent Corporation, a leading global modern governance company used by nearly 700,000 board directors and leaders, has received an increased investment from Clearlake Capital Group, L.P. and a new investment from funds managed by Blackstone Tactical Opportunities.

Since Insight Partners, Diligent’s largest investor, took the company private in February 2016, Diligent has scaled from 4,400 to more than 19,000 clients and transformed its product portfolio into an integrated suite of SaaS solutions that facilitates secure collaboration, communication and meeting management for boards, committees and leadership teams. Diligent further empowers leaders to turn effective governance into a competitive advantage by driving accountability and transparency in their organizations, while addressing stakeholder and shareholder priorities and satisfying security and compliance requirements.

Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S. The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $24 billion of assets under management and its senior investment principals have led or co-led over 200 investments.

Blackstone is one of the world’s leading investment firms. They seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. They have extraordinary people and flexible capital to help companies solve problems. Their asset management businesses, with $564 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.

UBS Investment Bank served as financial advisor to Diligent.

The Sidley deal team advising Clearlake Capital included Mehdi Khodadad (Picture), Mark Castiglia and Katherine Gomer.

The Kirkland team advising Blackstone was led by transactional partners Keri Schick Norton and Joshua Kogan and associates Kartik Khanna and Eric Guo.

Involved fees earner: Eric Guo – Kirkland & Ellis; Kartik Khanna – Kirkland & Ellis; Joshua Kogan – Kirkland & Ellis; Keri Schick Norton – Kirkland & Ellis; Mark Castiglia – Sidley Austin LLP; Katherine Gomer – Sidley Austin LLP; Mehdi Khodadad – Sidley Austin LLP;

Law Firms: Kirkland & Ellis; Sidley Austin LLP;

Clients: Blackstone; Clearlake Capital Group, L.P.;

Author: Ambrogio Visconti