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Staple Street’s return on Dominion/Fox settlement; Thoma Bravo preps next fundraising cycle

Happy Wednesday!

This is Chris, on for Wire Wednesday.

So it looks like the Dominion Voting Systems/Fox News settlement is providing a pay day for Staple Street Capital, the firm formed by ex-Carlyle and Cerberus executives, which invested in the company back in 2018.

Fox News agreed to settle Dominion’s defamation suit for $787.5 million on Tuesday, of which Staple Street’s share would be $598.5 million in the absence of any other equity investments into the company, Bloomberg reported. That amount would be 1,542 percent more than the $38.3 million the firm invested.

Insurance: Ontario Teachers’ Pension Plan-backed BroadStreet Partners agreed to invest in Westland Insurance Group, a British Columbia insurance broker focused on the Canadian market.

Westland Insurance’s founding Wubs family will retain a significant stake in the company. Operational control will remain with the Wubs and management following the deal, according to a statement.

Thoma Bravo announced to LPs at its recent annual meeting that it intends to launch its 16th flagship fund, and its fifth Discover fund, in the fourth quarter, sources told Buyouts. The firm expects to hold a first close in the first quarter of 2024, sources said. The firm did not announce its next Explore fund yet, they added.

That’s it for me! Have a great day and hit me up with thoughts, feedback and tips n’ gossip at [email protected] or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

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