The PIK Fuse: How Private Equity Software Deals Like Medallia Actually Blow Up, and Exactly Who’s Next (opens in new tab)

The PIK Fuse: How These Deals Actually Blow Up, and Exactly Who’s Next Thoma Bravo handed Medallia to its lenders in April. Blackstone, KKR, Apollo, and Antares took control of a company Thoma Bravo bought for $6.4 billion in 2021, wiping out roughly $5.1 billion in equity held by the firm and its co-investors. The...