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Simpson Thacher, Kirkland Counsel in Blackstone’s Backing of Fort Worth’s Simpli.fi

June 28, 2021 Anna Butler

Blackstone is betting on Simpli.fi’s digital advertising platform with its latest growth equity investment.

Financial terms were not disclosed, though Blackstone noted that the transaction puts an approximately $1.5 billion valuation on the Fort Worth company.

Blackstone, which is looking to its flagship private equity vehicle for the fresh backing, joins existing investor GTCR as the pair back Simpli.fi in its next phase of growth. 

Simpli.fi, which specializes in creating digital tools to aid in programmatic advertising, is one of the faster-growing private companies in Dallas-Fort Worth. The company, co-founded by Frost Prioleau and Paul Harrison, made its first major acquisition earlier this year with the purchase of The Advantage Software Co., taking its headcount to nearly 400. 

Simpson Thacher & Bartlett advised Blackstone in the investment with a team led by New York-based M&A partners Anthony Vernace and William Allen and associates Jeff Levine, Ben Kloss and Alisha Tupchong with Texas-based assistance from associate Whitney Bosworth, who advised on financing matters from Houston.

Kirkland & Ellis advised both Simpli.fi and GTCR on legal matters, while Evercore and LUMA Partners counseled the two on financial dealings.

GTCR became majority owner of the company in 2017, and the leveraged buyout firm will have equal representation alongside Blackstone on Simpli.fi’s board of directors.

Earlier today, another Texas player, auto-loan finance company Exeter Finance, announced Blackstone’s exit from the business. Growth equity leader Warburg Pincus is leading an investor group in the acquisition of the Irving-based company.

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