Founded in 1997, Endurance provides shared web-hosting and other online services to (i) small and medium businesses and (ii) the small office/home office markets. Its suite of services includes website creation, hosting, domain registration, email marketing tools and back end tracking applications. Having completed multiple acquisitions, it is now one of the largest players in the web-hosting industry. Crystal has been a lender to the Company since November 2010, participating in a unitranche term loan to support an acquisition.
Since purchasing the Company in 2007, Accel-KKR has completed a variety of add-on acquisitions designed to increase the Company’s client base and capabilities. The Sponsor was looking to recapitalize the balance sheet and sought at $305MM first lien term loan to (i) refinance the existing senior secured debt (ii) repay a seller note and (iii) provide for a partial dividend to the Sponsor.
Crystal closed on a $25 million commitment in October 2011.