Great Hill Partners Offers To Take Spark Networks Private
- Wednesday, March 03 2010 @ 06:40 pm
- Contributed by: Editor
- Views: 2,336
In 2005 Great Hill Partners bought about 25 percent stake in Spark Networks. Just recently we learned that the PE firm offered to take Spark Networks private and buy all the shares it does not own. This would cost them about $64 million USD. Spark Networks announced their intentions to evaluate the acquisition proposal.
Spark Networks stock in 2008 was worth about $131 million. Since then they have struggled and seen their value drop to about $84 million. Spark Networks flagship dating site AmericanSingles.com during this time saw a huge drop in membership numbers (it has since been renamed Spark.com). Other dating sites they own like JDate.com have remained strong though.
Great Hill Partners stated that if they took Spark Networks private, the company could then focus on long term growth without worrying about pleasing stock holders with short term profits.
For the full story read Gigaom.

