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About Cinven

Cinven is a London, United Kingdom-based private equity firm. Cinven invests in growth, mature companies with a preference for companies located in Asia/Pacific, Eastern Europe, United Kingdom, and Western Europe. The firm primarily engages in the following transaction types: acquisition/expansion financing, buyout (LBO, MBO, MBI), divestiture, and take privates. Its funds invest in six key sectors: business services, financial services, healthcare, industrials, consumer, and technology, media, and telecommunications.

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London, England, SW1Y 4JZ,

United Kingdom

+44 (0)20 7661 3333

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Anthology and Blackboard to Merge, Creating a Leading Global Provider of Education Software and Solutions

Sep 14, 2021

Ardian to Invest Alongside Providence Management to Roll Over a Significant Portion of Proceeds Transaction Values Marlink Group at Approximately $1.4bn Investment Aims to Accelerate Marlink’s Growth Strategy to Meet Increasing Customers Demand for High-speed, Business-critical Networks and Digitalisation of Remote Operations LONDON AND PARIS – 13 September, 2021 – Providence Equity Partners (“Providence”), a premier private equity firm that specialises in the media, communications, education, software and services industries, has agreed to acquire a majority shareholding in Marlink from Apax Partners SAS (“Apax”), a leading European private equity firm based in Paris. The transaction results in an enterprise value for Marlink Group of approximately $1.4bn; further details were not disclosed. Apax, who maintain deep conviction in the Company’s growth prospects, will retain a significant minority shareholding. Marlink’s management team and world leading investment house Ardian have also committed to minority interests. Headquartered in Paris and Oslo, Marlink is a world leading Satellite Service Operator (“SSO”) offering business-critical intelligent hybrid networks and digital solutions to empower the remote operations of a wide range of maritime, enterprise, energy, humanitarian and government customers around the world. “Marlink offers a comprehensive set of smart network solutions combining the entire spectrum of satcom and terrestrial connectivity, IT, Cloud, cyber security and IoT managed services.” said Karim Tabet, Senior Managing Director at Providence. “We are pleased to be partnering with such an outstanding business, and, together with Apax and Ardian, we look forward to supporting Erik Ceuppens and his team as Marlink continues to be a market leader and seeks to capitalize on increased demand for higher bandwidth connectivity and digital solutions.” Michaël Vervisch, Managing Director at Providence, added: “We have been impressed by the Company’s transformation into a branded broadband provider leveraging its own hybrid network and capturing scale benefits by taking a leadership role in the industry. Furthermore, we see significant future growth opportunities, including through offering value added digital solutions.” Bertrand Pivin, Managing Partner at Apax Partners, said: “Apax Partners first invested in Marlink 15 years ago. Under the leadership of Erik Ceuppens, the company transformed its business model, tripled its revenues and multiplied its EBITDA by 10. It emerged as the worldwide leading Satellite Service Operator, first in the maritime sector, and now, with the recent acquisition of ITC Global, in the enterprise sector. The 10,000-strong remote broadband terminals installed worldwide will serve as a springboard to design and deliver the much-needed digital services which Marlink’s direct customers are seeking for their business-critical operations. We believe Providence is the partner of choice to conduct the next stage of this extraordinary journey. Apax is keen to roll-over part of its investment and hold a significant fraction of the share capital, in order to continue to back this remarkable company.” Erik Ceuppens, CEO of Marlink, said: “This important shareholder transaction is a reflection of their belief in our company’s strength and future growth potential. Marlink has become a leader in B2B satcom solutions through significant organic growth and a series of well-targeted strategic acquisitions. With our Smart Network strategy, Marlink is fully focused on supporting the rapid digitization of our customers’ remote operations and on making them more sustainable. We are delighted to partner with premier private equity investors Providence and Ardian as our new majority shareholders and to benefit from the continued support of Apax, our investor-of-the-first-hour. With our solid investor backing, management team and employees, we form a powerful force to take Marlink Group to the next level.” Alexandre Motte, Head of Ardian Co-Investment said: “We have been impressed by Marlink’s unique position in the B2B satcom industry and the accomplishments of Erik Ceuppens and his team. We are thrilled to participate in this new chapter of Marlink’s development, supported by increasing connectivity and service needs as well as further growth opportunities, notably through acquisitions. We thank Marlink, Providence and Apax for their trust and look forward to supporting this partnership.” The transaction is expected to close in the first half of 2022, subject to customary and regulatory approvals. -ENDS- M&A Advisors: UBS (Christian Lesueur, Abhishek Dhacholia) Capital Markets Advisory: DC Advisory (Ciara O'Neill) Commercial DD: Arthur D. Little (Guillaume Picq, Matteo Ainardi) Financial DD: FTI Consulting (Aneesh Maloo, Thomas Rawlinson) Legal: Paul Hastings (Arthur de Baudry d'Asson), Allen & Overy (Vanessa Xu) Tax: KPMG (Saul Russo) Apax: Bertrand Pivin, Vincent Colomb, Arnaud Vigier M&A Advisors: Goldman Sachs (Céline Méchain, Thomas Gagnez), BNP Paribas (Sylvina Mayer, Marc Walbaum, Claire Ramaharobandro) Commercial DD: BCG (Franck Luisada, Benjamin Sarfati) Financial DD : Deloitte (Leonardo Clavijo, Lisa Lauv, Christele Fraisse) Corporate: Weil, Gotshal & Manges (Alexandre Duguay, Guillaume Bonnard) Legal / Social: Mazars (Jérôme Gertler) Tax: Taj (Olivier Venzal) About Providence Equity Partners Providence Equity Partners is a premier global private equity firm with approximately $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in over 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has an extensive and proven track record of investing in European TMT businesses, including – between 2001 and 2021 – Node4, MasMovil, Mach, MobileServ, M7 Group, Ono, Comhem, TDC, Eircom, Bite, Kabel Deutschland, and Casema. Providence is headquartered in Providence, RI, and also has offices in New York and London. For a complete list of Providence portfolio companies, please visit www.provequity.com/portfolio About Apax Partners Apax Partners is a leading European private equity firm based in Paris. With more than 45 years of experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies. Funds managed and advised by Apax Partners exceed €4.5 billion. These funds invest in fast-growing, middle-market companies across four sectors of specialisation: Tech & Telecom, Consumer, Healthcare and Services. Paris-headquartered Apax Partners SAS ( www.apax.fr ), and London-headquartered Apax Partners LLP (www.apax.com), have a shared history but are separate, independent private equity firms. About Marlink Marlink is the trusted partner in fully managed smart network solutions, combining various connectivity technologies in an intelligent hybrid network and completing the offering with digital solutions. The company connects people and assets around the globe and across all markets where conventional connectivity cannot reach or is not available with a focus on B2B customers in the maritime and enterprise verticals. Marlink orchestrates and optimises all network elements and applications, from data handling and IT to application-based routing (SD Wan), cloud and Digital Solutions, including remote data and IT, cyber security as well as IoT/OT solutions. Marlink has a presence in over 130 countries and employs over 1,000 people. For more information, please visit: www.marlink.com About Ardian Ardian is a world-leading private investment house with assets of US$114n managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 780 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt. www.ardian.com Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “may,” “should,” “will,” “could,” “would,” “anticipate,” “plan,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. Such forward-looking statements include, but are not limited to, statements about the benefits of the merger with Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects, competitive advantages, shareholder value or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, continued demand for and accessibility to golf, and statements of belief and any statements of assumptions underlying any of the foregoing. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the merger with Topgolf in the expected timeframes or at all; the potential impact of the consummation of the merger on relationships with Callaway’s and/or Topgolf’s employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; disruptions to business operations of Callaway and Topgolf from additional regulatory restrictions in response to the COVID-19 pandemic (such as travel restrictions, government-mandated shut-down orders or quarantines) or voluntary “social distancing” that affects employees, customers and suppliers; production delays, closures of manufacturing facilities, retail locations, venues, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; decrease in participation levels in golf generally; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the combined company. The foregoing list is not exhaustive. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaway’s business, see Callaway’s Annual Report on Form 10-K for the year ended December 31, 2020 as well as other risks and uncertainties detailed from time to time in Callaway’s reports on Forms 10-Q and 8-K subsequently filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. About Providence Equity Partners Providence is a premier global private equity firm with more than $44 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of successfully investing in the automotive technology sector. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com Rory King Tel. +44 (0) 7917 086 227 Email. Prov-SVC@sardverb.com About Cinven Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey, Luxembourg and Hong Kong. Cinven has significant experience in the telecoms and fibre sectors, with its funds’ previous investments including Numericable, Ziggo, Eutelsat and Ufinet. Cinven also has a long-term presence and a successful track record in Spain, with its funds’ current investments in the country including Ufinet International, Hotelbeds, Planasa and Tinsa. Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society. Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Partners LLP, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority. In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing. For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/. About KKR KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. KKR has significant experience in the telecom sector, with its previous and current investments including United Group, Telxius, Deutchse Glasfaser and FiberCorp. KKR has a long-term presence and commitment to Spain having invested almost $6 billion since 2010 across different strategies, including current investments in PortAventura, Telxius, X-Elio, Alvic Group, Telepizza and MasterD.References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co. About Providence Equity Partners Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of investing in the telecommunications space in Europe and is currently a shareholder in both Masmovil (2016) and Bite (2016). The firm’s previous European telecommunications investments since 2005 include: Volia (2007), M7 Group (2007), MobileServ (2006), Kabel Deutschland (2006), Com Hem (2006), TDC (2006), and Ono (2005). Providence is headquartered in Providence, RI, and also has offices in New York and London.For more information, please visit www.provequity.com New Investor Group Includes Fidelity, BlackRock, and Neuberger Berman; Providence to Remain Majority Investor NEW YORK, Oct. 28, 2020 (GLOBE NEWSWIRE) -- DoubleVerify (“DV”, the “Company”), a leading software platform for digital media measurement and analytics, today announced an agreement for a $350 million investment from an investor group led by Tiger Global Management (“Tiger”). Fidelity Management & Research Company LLC also participated in the round, together with funds and accounts managed by BlackRock, and funds advised by Neuberger Berman Investment Advisers LLC, among others. Providence Equity Partners (“Providence”), which invested in DoubleVerify in 2017, remains the majority investor. The new investment will primarily be used to purchase shares from existing shareholders and a portion will be used to support continued growth in the business. The backing from the new investor group comes as DoubleVerify continues to innovate and invest in new growth areas including media performance optimization and Connected TV analytics. “The support of these high caliber investors speaks to DoubleVerify’s momentum, including new customer growth, product innovation and global expansion,” said Mark Zagorski, Chief Executive Officer of DoubleVerify. “We look forward to partnering with Mark and the entire DoubleVerify management team as the Company continues the growth of its business globally,” said John Curtius, Partner, Tiger Global. “The DoubleVerify team has consistently executed across all levels of the business,” added Davis Noell, Senior Managing Director at Providence and Chairman of the Board at DoubleVerify. “We welcome the investment by Tiger and these other premier investment firms, and we are excited to continue to support the Company.” DoubleVerify expects the new investment round to close in the fourth quarter of 2020. Earlier this month, the Company also refinanced its credit facility and entered into a new $150 million revolving credit facility, led by Capital One, N.A., of which only a portion is currently outstanding prior to the closing of this transaction. J.P. Morgan and Goldman Sachs & Co. LLC acted as Joint Placement Agents on behalf of the Company and Providence. About DoubleVerify DoubleVerify is a leading software platform for digital media measurement, data, and analytics. DV’s mission is to be the definitive source of transparency and data-driven insights into the quality and effectiveness of digital advertising for the world’s largest brands, publishers, and digital ad platforms. DV’s technology platform provides advertisers with consistent and unbiased data and analytics that can be used to optimize the quality and return on digital ad investments. Since 2008, DV has helped hundreds of Fortune 500 companies gain the most from their media spend by delivering best in class solutions across the digital advertising ecosystem, helping to build a better industry. Learn more at www.DoubleVerify.com . About Tiger Global Management Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC, was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne. About Providence Equity Partners Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com . Media Contacts Highly Complementary Businesses with Reach Across the Entire $80 Billion Global Golf Industry(1) Compelling Family of Brands Well Positioned to Capitalize on Outdoor Consumer Trends Combined Businesses Create Clear Line of Sight to More Than $1 Billion of Adjusted EBITDAS Callaway Announces Record Preliminary Results for the Third Quarter 2020 CARLSBAD, Calif. and DALLAS, Oct. 27, 2020 /PRNewswire/ -- Callaway (NYSE: ELY) and Topgolf Entertainment Group ("Topgolf") today announced that the companies have entered into a definitive merger agreement. Under the terms of the agreement, Callaway and Topgolf will combine in an all-stock transaction creating a global golf and entertainment leader. The number of shares to be issued is based upon an implied equity value of Topgolf of approximately $2 billion, including the 14% already owned by Callaway. Topgolf is the leading tech-enabled golf entertainment business, with an innovative platform that comprises its groundbreaking open-air venues, revolutionary Toptracer technology and innovative media platform with a differentiated position in eSports. Topgolf generated approximately $1.1 billion in revenue in 2019 and has grown at a 30% compound annual rate since 2017. Callaway is a leader in the global golf equipment market with a scale position in active-lifestyle soft goods and a proven ability to deliver strong returns, including company growth that has exceeded golf market growth for seven consecutive years. The companies together will be able to accelerate growth, including through: Fully Funded High Growth Opportunities: Topgolf is a high-growth platform with attractive unit economics across its businesses that will benefit from Callaway's strong financial position that can fully fund Topgolf's growth plans at an attractive cost of capital. A Highly Complementary Fit: The two companies share a focus on golf and active-lifestyle consumers. With Topgolf's 90 million consumer touch points a year, the combined company will benefit from a compelling family of brands with reach across multiple channels including retail, venues, e-commerce and digital communities. Topgolf is introducing new players to the game of golf, a powerful trend that benefits Callaway's golf equipment and soft goods businesses. Enhanced Resources to Accelerate Growth: The combined company's industry-leading sales, marketing and partnership infrastructure will drive traffic, increase same venue sales and accelerate conversion of new business opportunities. Together, Callaway and Topgolf's significantly expanded consumer reach will drive increased promotion, exposure and sales of equipment and apparel to golfers and non-golfers alike. Innovation to Drive Long-term Potential: A shared innovative culture creates exciting long-term opportunities including the potential to distribute content across connected screens for instruction, fitness and lifestyle. "Together, Callaway and Topgolf create an unrivaled golf and entertainment business," said Chip Brewer, President and Chief Executive Officer of Callaway. "This combination unites proven leaders with a shared passion for delivering exceptional golf experiences for all – from elite touring professionals tonew and aspiring entrants to the game. We've long seen the value in Topgolf and we are confident that together, we can create a larger, higher growth, technology-enabled global golf and entertainment leader. Callaway's strong financial profile will enable the combined company to accelerate innovation, develop exciting new products and experiences, and create compelling value for shareholders, while providing the dedicated teams of both companies more opportunities to showcase their talents and complementary capabilities." "We are excited to join the Callaway family and strengthen the experiences we create at the intersection of sports and tech-driven entertainment," said Dolf Berle, Chief Executive Officer of Topgolf. "Fueled by a tremendous team of associates and a diverse offering across our venues, Toptracer, and media platform, Topgolf is truly changing the landscape of the industry by making golf more inclusive and accessible to people of all ages, demographics and skill levels. As part of Callaway, we plan to grow our leadership position by leveraging Callaway's brand reputation, industry relationships and financial strength to connect more communities around the world to the Topgolf experience." Callaway first invested in Topgolf in 2006, and the companies have maintained a strong partnership since, including an exclusive golf partnership agreement at all Topgolf venues. Topgolf has achieved rapid growth and strong customer engagement since its founding in 2000, driven by several platforms, including: Venues – The company's signature platform defined by its immersive gameplay, proprietary technology and local, high-quality food and beverage offers a unique social destination for all. With its open-air, climate-controlled bays, Topgolf venues are structurally advantaged to benefit from consumer preferences for outdoor activities. Topgolf has 63 locations around the globe – including a robust pipeline of new openings – serving more than 23 million guests in 2019 with more than 50% of consumers identifying as non-golfers. Toptracer – A leading ball-tracing technology best known for transforming televised golf is now being brought directly to everyday golf. By bringing professional tracing technology to mobile devices and driving ranges, Topgolf is enhancing the golf experience. The technology has been deployed to more than 7,500 range bays in three years (representing approximately one percent penetration of the total addressable market). This business unit has achieved revenue growth of 233% in the past three years. Media – With World Golf Tour, a leading mobile golf game with 28 million members as of 2019, Topgolf has built a strong digital presence in the game of golf. The company's proprietary, in-house gaming capabilities also create innovative sponsorship and consumer engagement opportunities throughout Topgolf's community of players competing across the company's interconnected digital and in-person platforms. "Since its inception, Topgolf has created an innovative, tech-inspired twist on the golf driving range experience, turning it into a global entertainment and sports movement. Our track record of creativity and diversity of offerings will only grow stronger as part of Callaway, a global leader in the industry," said Erik Anderson, executive chairman of Topgolf. "All of us are looking forward to building new experiences, reaching new audiences and solidifying our digital infrastructure as we connect communities around the globe." In addition to Callaway, the current Topgolf ownership includes Providence Equity Partners, WestRiver Group and Dundon Capital Partners, which added: "This is a natural combination that brings together two complementary businesses at the center of one of the most dynamic sports and entertainment experiences available today. We are excited to support their continued growth as a united company." Financial Benefits and Transaction Structure Callaway and Topgolf both delivered strong financial results immediately before the COVID pandemic and have since recovered ahead of expectations. Both companies are well positioned to take advantage of both short- and long-term changes in consumer behavior as a result of the pandemic. This includes favorable trends in rounds played and growth in beginning and returning golfers as well as broader consumer preferences for outdoor activities. (2,3) The combined company will have a highly diversified revenue mix, including Golf Equipment, 30%; Topgolf, 46%; and Softgoods, 24%(4). The combined company will also benefit from a strong financial profile, including: Pro forma revenue of approximately $2.8 billion based on fiscal year 2019 results that is expected to grow to approximately $3.2 billion by 2022 and at approximately 10% per year in the years following Pro forma adjusted EBITDAS of $270 million based on fiscal year 2019 results that is expected to grow to approximately $360 million by 2022 and at mid-to-high teens per year in the years following Funded leverage(5) of approximately 3.6x in 2022, with opportunities to de-lever from there Topgolf is in the early stages of its growth with more than ten years of planned unit growth opportunity in its U.S. venues business and just 2% addressable market penetration in international venues and 1% in the Toptracer Range business. The company has a proven ability to innovate to expand its addressable market and capture the potential of games and content on its interconnected platform. Callaway's continued strong cash generation and ample liquidity, including more than $630 million of cash and available credit facilities as of Q3 2020, position the company to fund Topgolf's continued growth with significant ability to pay down debt at the same time. Under the terms of the merger agreement, Callaway will issue approximately 90 million shares of its common stock to the shareholders of Topgolf, excluding Callaway, which currently holds approximately 14% of Topgolf's outstanding shares. Upon completion of the merger, Callaway shareholders will own approximately 51.5% and Topgolf shareholders (excluding Callaway) will own approximately 48.5% of the combined company on a fully diluted basis. The number of shares issued is based upon an implied equity value of Topgolf of $1.986 billion(6) (including Callaway's ownership position). The number of shares issued is also based upon a fixed price of Callaway common stock of $19.40 per share. Callaway will assume Topgolf's net debt, which is estimated to be $555 million at closing(7), resulting in an estimated enterprise value for Topgolf of approximately $2.5 billion. Governance and Leadership Upon closing, the combined company's Board of Directors will consist of 13 directors, including three directors appointed by Topgolf shareholders. Chip Brewer will continue to lead the combined company as President and Chief Executive Officer. Dolf Berle will continue to lead the Topgolf business through a transition period following the close of the transaction, at which time he intends to step down to pursue other leadership opportunities. John Lundgren will continue as Chairman of the Board of the combined company, while Erik Anderson will serve as Vice Chairman. Topgolf will continue to operate from its headquarters in Dallas, Texas. Timing and Approvals The transaction is subject to the approval of the shareholders of both Callaway and Topgolf, as well as other customary closing conditions, including required regulatory approval. The parties expect to complete the transaction in early 2021, subject to satisfaction of these conditions. Callaway Preliminary Q3 Results and Business Update Chip Brewer added: "The world is rediscovering golf in a way that has led to a record quarter for our company. Both our golf equipment and soft goods businesses are recovering more quickly than we expected, and our third quarter projections reflect this momentum. Our recent investments into our e-commerce capabilities have proven particularly valuable, showing strong growth across all of our business segments this year including 108% growth in e-commerce for our soft goods segment in Q3." Based on currently available information, the Company estimates the following results for the quarter ended September 30, 2020: ($ in millions, except EPS) Advisors Goldman Sachs & Co. LLC served as the financial advisor to Callaway and Latham & Watkins LLP served as legal counsel. Morgan Stanley & Co. LLC and J.P. Morgan served as financial advisors and Weil, Gotshal & Manges LLP served as legal counsel to Topgolf. Preliminary Financial Estimates The preliminary estimates presented above are the responsibility of management and have been prepared in good faith on a consistent basis with prior periods. However, the Company has not completed its financial closing procedures for the three months ended September 30, 2020, and its actual results could vary materially from these preliminary estimates. In addition, the Company's independent registered public accounting firm has not audited this information or completed its quarterly review procedures for the quarter ended September 30, 2020 and does not express an opinion or any other form of assurance with respect to these preliminary estimates or their achievability. During the course of the preparation of the Company's consolidated financial statements and related notes as of and for the three months ended September 30, 2020, the Company and its auditors may identify items that would require the Company to make material adjustments to the preliminary estimates presented above. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. In addition, these preliminary estimates are not necessarily indicative of the results to be achieved in any future period. Investors are cautioned not to place undue reliance on such preliminary estimates. Non-GAAP Information The GAAP results contained in this press release have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). To supplement the GAAP results, the Company has provided certain non-GAAP financial information as follows: EBITDAS. The Company provides information about its results excluding interest, taxes, depreciation and amortization expense, and non-cash stock compensation expense. Additionally, EBITDAS excludes these same line items from forecasted net income. A long-term forecast of each of these line items is not available without unreasonable efforts due to the variability of these items and the inability to predict them with certainty. Accordingly, we have not provided a further reconciliation of EBITDAS to GAAP net income. In addition, the Company has included in the schedules to this release a reconciliation of non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this release and related schedules should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting the Company's business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance of the Company's business with regard to these items. The Company has provided reconciling information in the attached schedules. About Callaway Golf Company Callaway Golf Company (NYSE: ELY) is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Through an unwavering commitment to innovation, Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. For more information please visit www.callawaygolf.com , www.odysseygolf.com , www.OGIO.com , www.travismathew.com , and www.jack-wolfskin.com . About Topgolf Entertainment Group Topgolf Entertainment Group is a technology-enabled global sports and entertainment community that connects people in meaningful ways through the experiences we create, the innovation we champion and the good we do. What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment. Topgolf Entertainment Group's platforms include Topgolf venues, Topgolf International, Toptracer, Topgolf Media and Topgolf Swing Suite. Follow @topgolf on Instagram, Facebook, Twitter and LinkedIn, or visit the Topgolf Press page for the latest news. Contacts Additional Information and Where You Can Find It Callaway Golf Company will file with the SEC a registration statement on Form S-4, which will include the proxy statement of Callaway Golf Company that also constitutes a prospectus of Callaway Golf Company and a consent solicitation statement of Topgolf International, Inc. (the "proxy statement/prospectus/consent solicitation"). INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS/ CONSENT SOLICITATION, AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CALLAWAY GOLF COMPANY, TOPGOLF INTERNATIONAL, INC., THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC by the parties through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/consent solicitation and other documents filed with the SEC on Callaway's website at https://www.callawaygolf.com (for documents filed with the SEC by Callaway). No Offer or Solicitation This communication is for information purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Participants in the Solicitation Callaway, Topgolf, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Callaway in connection with the proposed transaction. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Callaway and Topgolf, respectively, in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus/consent solicitation when it is filed with the SEC. Information regarding Callaway's directors and executive officers is contained in Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 and its Revised Definitive Proxy Statement on Schedule 14A, dated March 27, 2020, which are filed with the SEC and can be obtained free of charge from the sources indicated above. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "should," "will," "could," "would," "anticipate," "plan," "believe," "project," "estimate," "expect," "strategy," "future," "likely," and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Callaway and Topgolf, including the anticipated operations, financial position, liquidity, performance, prospects or growth and scale opportunities of Callaway, Topgolf or the combined company, the strategies, prospects, plans, expectations or objectives of management of Callaway or Topgolf for future operations of the combined company, any statements regarding the approval and closing of the merger, including the need for stockholder approval and the satisfaction of closing conditions, and statements of belief and any statement of assumptions underlying any of the foregoing. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: risks and uncertainties related to our pending merger with Topgolf, including the failure to obtain, or delays in obtaining, required regulatory approval, the risk that such approval may result in the imposition of conditions that could adversely affect Callaway or the expected benefits of the proposed transaction, any termination fee that may be payable by Callaway pursuant to the terms of the merger agreement, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the merger with Topgolf, including the integration of the Topgolf business; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of the proposed transaction on relationships with Callaway's and/or Topgolf's employees, customers, suppliers and other business partners; the risk of litigation or regulatory actions to Callaway and/or Topgolf; inability to retain key personnel; changes in legislation or government regulations affecting Callaway and/or Topgolf; uncertainty of the duration, scope and impact of COVID-19; a further spread or worsening of COVID-19; any further regulatory actions taken in response to COVID-19, including the future shutdown of or restrictions on Callaway's or Topgolf's retail locations, venues, distribution centers, manufacturing plants or other facilities; the effectiveness of Callaway's or Topgolf's protective gear, social distancing guidelines, and other preventive or safety measures; disruptions to business operations of Callaway and Topgolf as a result of COVID-19, including disruptions to business operations from travel restrictions, government-mandated or voluntary shut-down orders or quarantines, or voluntary "social distancing" that affects employees, customers and suppliers; continued growth, momentum and opportunities in the golf industry; production delays, closures of manufacturing facilities, retail locations, warehouses and supply and distribution chains; staffing shortages as a result of remote working requirements or otherwise; uncertainty regarding global economic conditions, particularly the uncertainty related to the duration and impact of the COVID-19 pandemic, and related decreases in customer demand and spending; and economic, financial, social or political conditions that could adversely affect Callaway, Topgolf or the proposed transaction. The foregoing list is not exhaustive. For additional information concerning these and other risks and uncertainties that could affect these statements, the golf industry, and Callaway's business, see Callaway's Annual Report on Form 10-K for the year ended December 31, 2019 as well as other risks and uncertainties detailed from time to time in Callaway's reports on Forms 10-Q and 8-K subsequently filed with the SEC, including the proxy statement/prospectus/consent solicitation that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Callaway undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 1 Golf Datatech industry report published September 21, 2020 2 National Golf Foundation, August Rounds Play, Published September 2020 3 Morning Consult Polling, Published July 21, 2020 4 Based on 2022 projections 5 Excludes Deemed Landlord Financing 6 Implied equity value of $1.739 billion when accounting for the various preferential rights of Topgolf shareholders and excluding assumed stock options and Callaway's ownership position 7 Topgolf Net Debt includes $152 million of Deemed Landlord Financing and $152 million of Cash Davis Noell and David Phillips Named Senior Managing Directors and Co-Heads of North America Andrew Tisdale and Karim Tabet Named Senior Managing Directors and Co-Heads of Europe Providence, RI – September 30, 2020 – Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education, software and services industries, today announced a leadership transition plan, under which Chief Executive Officer Jonathan Nelson, who founded Providence over 30 years ago, will become Executive Chairman in January 2021. In this new role, he will remain actively involved in the firm, including serving as Chairman of Providence’s Investment Committee and continuing to provide strategic and investment guidance to the leadership team. As part of this planned transition, Providence has made the following new leadership appointments, effective immediately: *Davis Noell, who joined Providence in 2003 and is currently a Managing Director based in the New York office, has been named Senior Managing Director and Co-Head of North America. Noell currently serves on the boards of The Chernin Group, DoubleVerify and Smartly.io, and previously served on the boards of GLM, OEConnection, Stream Global Services, SunGard Data Systems and World Triathlon Corporation. *David Phillips, who joined Providence in 2005 and is currently a Managing Director based in the Providence office, has been named Senior Managing Director and Co-Head of North America. Phillips currently serves on the boards of Blackboard, GlobalTranz, n2y, TimeClock Plus and Vistage, and previously served on the boards of Archipelago Learning, Ascend Learning, CSDVRS, PADI and Vector Solutions. *Karim Tabet, who joined Providence in 2002 and is currently a Managing Director based in the London office, has been named Senior Managing Director and Co-Head of Europe. Tabet currently serves on the board of Bitė and previously served on the boards of Digiturk, Com Hem, Casema, Crown Media International and Galileo Global Education. *Andrew Tisdale, who joined Providence in 2008 and is currently a Managing Director based in the London office, has been named Senior Managing Director and Co-Head of Europe. Tisdale currently serves on the boards of Ambassador Theatre Group, Chime Communications, CloserStill Media and HSE24, and previously served on the boards of Clarion Events, M7 and ONO. All four will join Providence’s Investment Committee. In addition to these new appointments, Managing Director Michael Dominguez will serve in the newly created role of Chief Investment Officer. Peter Wilde will remain on Providence’s Investment Committee and will continue to serve as Chairman of Providence Strategic Growth. Additionally, London-based Senior Managing Director John Hahn, who has been with Providence for over 20 years and is the head of Providence’s London office, has retired from the firm. “We are fortunate to have such a deep team at Providence and are proud of our strong culture, which, over our 30-year history, has helped us attract and develop tremendous investment and leadership talent,” said Nelson. “As we enter our fourth decade as a firm, it is a natural time to elevate these fourtalented professionals, each of whom has distinguished himself through outstanding contributions to our business. We all look forward to continuing to forge lasting partnerships with talented entrepreneurs and executives, adding sustainable value to our portfolio companies and delivering superior returns to our investors.” Nelson added, “Over his two decades at the firm, John has made countless contributions to our evolution and progress, including overseeing many successful investments. We appreciate his leadership in helping build a world-class team in Europe that is positioned for long-term success. We aregrateful for his hard work and dedication.” About Providence Equity Partners Providence is a premier global private equity firm with more than $49 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, RI, and also has offices in New York and London.For more information, please visit www.provequity.com Media Further Enhances Financial Flexibility and Liquidity Brings Additional Expertise to the Company Ares Management Participates as Significant Investor New York, April 16, 2020 — OUTFRONT Media Inc. (NYSE: OUT) today announced that affiliates of Providence Equity Partners LLC (“Providence”) have agreed to lead the purchase of $400 million in newly issued convertible preferred stock together with funds managed by Ares Management Corporation (“Ares”). “We recognized the value of liquidity and collaboration as we look through these uncertain times and consider the exciting growth opportunities that will arise in our industry,” said Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media. “Our board was pleased to select Providence and Ares for their industry knowledge and expertise, and we believe that all of our stakeholders will benefit from their long-term investment and commitment.” Financial Terms $400 million of convertible, perpetual preferred stock, which is convertible into shares of OUTFRONT Media Inc. common stock at a conversion price of $16.00 per share The preferred stock carries a 7.0% dividend, which will be payable at our option in cash or in-kind On an as-converted basis, the preferred stock will represent approximately 14.8% of our common shares outstanding In connection with this transaction and subject to relevant approvals, we expect to appoint Michael J. Dominguez, Managing Director at Providence, as a new director to our board We expect to use the net proceeds from this offering for general corporate purposes “We are delighted to partner with OUTFRONT through this challenging economic environment and beyond,” said Dominguez. “We are very familiar with their business and the industry from our over 30 years of specializing in media, and we believe the company has premier assets, attractive long-term fundamentals, and an exceptional leadership team. We believe that the steps OUTFRONT has taken to enhance its liquidity position will help ensure that the business can operate successfully and opportunistically with a strong balance sheet. We look forward to working with the management team and the board to create lasting value for all stakeholders.” “We are excited to work with two world-class organizations in OUTFRONT Media and Providence Equity Partners,” said Scott Graves, Partner, Co-Head of Private Equity and Head of Special Opportunities at Ares. “We believe OUTFRONT is a well-established industry leader with both top quality assets and a highly talented management team.” Goldman Sachs & Co. LLC acted as our exclusive placement agent and Jones Day acted as our legal advisor. Providence was advised by Evercore and Weil, Gotshal & Manges LLP. Ares was advised by PJ Solomon and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Cautionary Statement Regarding Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believe,” “expect,” or “will” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our liquidity and capital resources, board of directors, portfolio performance and results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the severity and duration of the novel coronavirus (COVID-19) and its impact on our business, financial condition and results of operations; declines in advertising and general economic conditions, including declines caused by the novel coronavirus (COVID-19); competition; government regulation; our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; taxes, fees and registration requirements; our ability to obtain and renew key municipal contracts on favorable terms; decreased government compensation for the removal of lawful billboards; content-based restrictions on outdoor advertising; environmental, health and safety laws and regulations; seasonal variations; acquisitions and other strategic transactions that we may pursue could have a negative effect on our results of operations; dependence on our management team and other key employees; the ability of our board of directors to cause us to issue additional shares of stock without stockholder approval; certain provisions of Maryland law may limit the ability of a third party to acquire control of us; our rights and the rights of our stockholders to take action against our directors and officers are limited; our substantial indebtedness; restrictions in the agreements governing our indebtedness; incurrence of additional debt; interest rate risk exposure from our variable-rate indebtedness; our ability to generate cash to service our indebtedness; cash available for distributions; hedging transactions; diverse risks in our Canadian business; experiencing a cybersecurity incident; changes in regulations and consumer concerns regarding privacy, information security and data, or any failure or perceived failure to comply with these regulations or our internal policies; asset impairment charges for our long-lived assets and goodwill; our failure to remain qualified to be taxed as a real estate investment trust (“REIT”); REIT distribution requirements; availability of external sources of capital; we may face other tax liabilities even if we remain qualified to be taxed as a REIT; complying with REIT requirements may cause us to liquidate investments or forgo otherwise attractive opportunities; our ability to contribute certain contracts to a taxable REIT subsidiary (“TRS”); our planned use of TRSs may cause us to fail to remain qualified to be taxed as a REIT; REIT ownership limits; complying with REIT requirements may limit our ability to hedge effectively; failure to meet the REIT income tests as a result of receiving non-qualifying income; the Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; establishing operating partnerships as part of our REIT structure; and other factors described in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020. All forward-looking statements in this document apply as of the date of this document or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes. About OUTFRONT Media Inc. OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in North America. Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go. Contacts: About Smartly.io Powering beautifully effective ads, Smartly.io automates every step of social advertising to unlock greater performance and creativity. We combine creative production and ad buying automation with outstanding customer service to help 600+ brands scale their results – not headcount – on Facebook, Instagram and Pinterest. We are a fast-growing community of 350+ Smartlies with 16 offices around the world, managing over €2.5B in ad spend and growing rapidly and profitably. Visit smartly.io to learn more. About Providence Equity Partners Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com . Contacts New Platform to Promote Recording Artists and Songwriters Across the Globe NEW YORK, NY – December 10, 2019: Warner Music Group (“WMG”) and Providence Equity Partners (“Providence”) today announced plans to invest in world-class recorded music and music publishing catalogs via a newly established platform, Tempo Music Investments (“Tempo”). Tempo was launched with $650 million in equity and debt capacity, with most of the equity coming from Providence, a leading investment firm specializing in the media, communications, education and information industries. WMG will handle administration for music publishing and distribution for recorded music, drawing on its vast, deep-rooted music industry expertise, resources and network. Tempo will enlist Influence Media Partners, a new management company, to explore investment opportunities and drive catalog performance. “More than ever before, the long-lasting value of music is being recognized outside the music industry. We’ll be devoted stewards of these amazing catalogs created by songwriters and recording artists across the globe, and WMG is very happy to be partnering with Providence in this pioneering venture,” said Stu Bergen, CEO, International and Global Commercial Services, Warner Music Group. Josh Empson, Managing Director at Providence, said, “It is a privilege to partner again with Warner Music Group. We are excited about this innovative new relationship, which combines Providence’s investment expertise in media with WMG’s distinctive skill in working with and recognizing top artists and assets in music. We look forward to partnering with WMG and our investment management team to support creators and build a best-in-class portfolio of music assets.” Among the first acquisitions of the venture are selected copyrights of Grammy Award-winning songwriters Jeff Bhasker, Shane McAnally and Ben Rector. With 15 nominations and five Grammy wins including Producer of the Year, Bhasker has worked with some of the biggest names in the business. McAnally is a three-time Grammy winner and seven-time nominee who also serves as Co-President of Monument Records. Independent artist Rector is a rising singer-songwriter with success in licensing music across numerous TV shows, national ad campaigns and movie trailers. About Warner Music Group With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, Big Beat, Canvasback, East West, Elektra, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Records, Warner Classics, and Warner Music Nashville, as well as Warner Chappell Music, one of the world's leading music publishers, with a catalog of more than 1.4 million copyrights worldwide. About Providence Equity Partners Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com . Contact: n2y Management and The Riverside Company to Remain Minority Investors Huron, OH & Providence, RI – November 18, 2019 – n2y LLC (the “Company”), a leading provider of software, curriculum and tools to the K-12 special education market, announced today a majority investment from Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. n2y will continue to be led by Chief Executive Officer Chrissy Wostmann and its current management team. The Riverside Company (“Riverside”), which invested in n2y in 2016, and members of n2y’s management team will retain ownership stakes in the business. Financial terms of the transaction were not disclosed. Since its founding in 1997, n2y has changed how K-12 special education is taught by providing special education teachers and families with award-winning personalized solutions. The company

Cinven Investments

60 Investments

Cinven has made 60 investments. Their latest investment was in Drake Software as part of their Private Equity on February 2, 2021.

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Cinven Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/5/2021

Private Equity

Drake Software

Yes

1

2/3/2021

Private Equity

Alfa Medical Group

$100M

Yes

Africa Platform Capital, and CDC Group

1

12/21/2020

Private Equity

Hotelbeds

$213.71M

Yes

CPP Investments, and EQT

1

11/26/2019

Private Equity

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$99M

Subscribe to see more

10

10/4/2019

Private Equity

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$99M

Subscribe to see more

10

Date

2/5/2021

2/3/2021

12/21/2020

11/26/2019

10/4/2019

Round

Private Equity

Private Equity

Private Equity

Private Equity

Private Equity

Company

Drake Software

Alfa Medical Group

Hotelbeds

Subscribe to see more

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Amount

$100M

$213.71M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

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Co-Investors

Africa Platform Capital, and CDC Group

CPP Investments, and EQT

Sources

1

1

1

10

10

Cinven Portfolio Exits

94 Portfolio Exits

Cinven has 94 portfolio exits. Their latest portfolio exit was Chryso on May 21, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/21/2021

Acquired

Saint Gobain

3

5/5/2021

Corporate Majority

$991

Onivia

2

4/28/2021

IPO

Public

1

00/00/0000

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Subscribe to see more

Subscribe to see more

10

00/00/0000

Subscribe to see more

Subscribe to see more

$991

Subscribe to see more

10

Date

5/21/2021

5/5/2021

4/28/2021

00/00/0000

00/00/0000

Exit

Acquired

Corporate Majority

IPO

Subscribe to see more

Subscribe to see more

Companies

Subscribe to see more

Subscribe to see more

Valuation

$991

$991

Acquirer

Saint Gobain

Onivia

Public

Subscribe to see more

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Sources

3

2

1

10

10

Cinven Acquisitions

95 Acquisitions

Cinven acquired 95 companies. Their latest acquisition was True Potential on September 09, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/9/2021

Growth Equity

Acq - Fin

1

7/28/2021

$991

Acq - Fin

2

6/25/2021

Acq - Fin - II

Acq - Fin - III

4

6/1/2021

Subscribe to see more

$99M

Subscribe to see more

10

5/21/2021

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

Date

9/9/2021

7/28/2021

6/25/2021

6/1/2021

5/21/2021

Investment Stage

Growth Equity

Acq - Fin - II

Acquired

Companies

Subscribe to see more

Subscribe to see more

Valuation

$991

Total Funding

$99M

$99M

Note

Acq - Fin

Acq - Fin

Acq - Fin - III

Subscribe to see more

Subscribe to see more

Sources

1

2

4

10

10

Cinven Fund History

19 Fund Histories

Cinven has 19 funds, including Cinven Fund VII.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/2/2019

Cinven Fund VII

Buyouts & Acquisitions

$11,000M

3

6/29/2016

Cinven Fund VI

Buyouts & Acquisitions

$8,000M

5

6/13/2013

Cinven Fund V

$5.97M

1

6/13/2013

Cinven Fifth Fund

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$99M

10

6/30/2006

Cinven Fourth Fund

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$99M

10

Closing Date

5/2/2019

6/29/2016

6/13/2013

6/13/2013

6/30/2006

Fund

Cinven Fund VII

Cinven Fund VI

Cinven Fund V

Cinven Fifth Fund

Cinven Fourth Fund

Fund Type

Buyouts & Acquisitions

Buyouts & Acquisitions

Subscribe to see more

Subscribe to see more

Status

Amount

$11,000M

$8,000M

$5.97M

$99M

$99M

Sources

3

5

1

10

10

Cinven Partners & Customers

1 Partners and customers

Cinven has 1 strategic partners and customers. Cinven recently partnered with Advent on September 9, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

9/17/2019

Partner

Advent

United States

1

Date

9/17/2019

Type

Partner

Business Partner

Advent

Country

United States

News Snippet

Sources

1

Cinven Service Providers

5 Service Providers

Cinven has 5 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Private Equity

Investment Bank

Financial Advisor

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Service Provider

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Associated Rounds

Private Equity

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Provider Type

Investment Bank

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Service Type

Financial Advisor

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Partnership data by VentureSource

Cinven Team

5 Team Members

Cinven has 5 team members, including current Managing Partner, Stuart McAlpine.

Name

Work History

Title

Status

Stuart McAlpine

Managing Partner

Current

Sarah Verity

Managing Director

Current

Graham Keniston-Cooper

Founding Partner

Former

John Brown

Managing Director

Former

Nicolas Paulmier

Senior Partner

Former

Name

Stuart McAlpine

Sarah Verity

Graham Keniston-Cooper

John Brown

Nicolas Paulmier

Work History

Title

Managing Partner

Managing Director

Founding Partner

Managing Director

Senior Partner

Status

Current

Current

Former

Former

Former

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