📉 Going Private
On October 18, 2024, Permira completed its $7.2B acquisition of website builder Squarespace. The deal takes the company off the NYSE, marking the end of its run as a publicly traded company. The original offer was $6.9B, but Permira increased it to $7.2B after negotiations, which equates to $44.50 per share. Shareholders had initially rejected the lower valuation, citing advice from Institutional Shareholder Services.
👨💼 Leadership Remains
Anthony Casalena, founder and CEO of Squarespace, keeps a large equity share. He remains CEO and Chairman of the Board. "We are excited to embark on a new chapter with Permira," Casalena said. His team, alongside Permira's backing, will focus on long-term strategies aimed at supporting entrepreneurs. The leadership team remains unchanged, ensuring continuity during this transition.
💼 Permira’s Vision
David Erlong, Permira Partner, emphasized the company's strategic investment in Squarespace, highlighting its "strong relationships with small businesses and entrepreneurs." He added that Permira plans to use its extensive experience in supporting digital platforms to boost Squarespace's growth. The investment firm aims to expand Squarespace’s product suite to better serve small and medium businesses (SMBs).
🚀 A New Chapter
Now a private entity, Squarespace aims for further expansion under Permira’s guidance. With this financial backing, Squarespace can focus on innovation and global reach without the scrutiny of public shareholders. Casalena’s ongoing role provides stability as the company looks to scale new heights. The acquisition also reflects investor confidence in the platform's ability to thrive and grow in the competitive website builder market.
Do you think Squarespace will thrive as a private company?
