Project Description
Fund V: Investment Case Study
Miva
Miva
Miva, Inc. provides an industry leading ecommerce platform to high-growth B2B and B2C businesses, streamlining the ecommerce experience for vendors, retailers, and their customers through a highly customizable, scalable, and secure suite of software products and services.
Investment Highlights
Investment Highlights
$12.0MM
Million
Bison Convertible Preferred
41.1%
Equity
Bison Equity Ownership (as-converted)
69.8%
GROWTH
Growth / Value Creation
About Miva
Founded in 1997 and based in San Diego, CA, Miva provides an industry-leading eCommerce platform to high-growth B2B and B2C businesses, streamlining the eCommerce experience for vendors, retailers, and their customers through a highly customizable, scalable, and secure suite of software products and services. miva.com
Partnership with Management
• Founder/CEO and Management/Board collectively owns 57.0% of the business – creating a strong alignment of interest
• Bison worked with the company to strategically add a CFO with extensive M&A experience and an SVP of Strategy and Operations to enhance business development, operating metrics and optimize asset utilization
Accretive Use of Proceeds
• Bison proceeds were used to provide partial shareholders liquidity
• Company scaled-down lower-margin on-location grip & lighting rentals business to refocus on studio business
• Completed development of a new Q-GO Studio at maximum utilization in addition to the current four studio complexes across Los Angeles and New Orleans production hubs to spur immediate growth
• Five additional studio leases under contract and development slated to open in 2021 and 2022 – projected to contribute incremental run-rate $25.0MM revenue and $12.0MM EBITDA once fully ramped with a build cost of ~$17.5MM
Exit
• Executing growth plan to achieve $50.0MM EBITDA in 4-5 years but will consider earlier exit in 2022 if forecast is achieved
Overview
Industry: Entertainment Production Services
Invested: 2018
Status: Active
Company Details
Website: https://quixote.com/
Exit
• Executing growth plan to achieve $50.0MM EBITDA in 4-5 years but will consider earlier exit in 2022 if forecast is achieved
Bison Team
Partnering with Miva
“Miva has built tremendous momentum serving thousands of businesses with its industry leading ecommerce platform suite. We are very excited to invest in this outstanding team and organization to support Miva’s expansion of its portfolio of devoted clients and the services it provides to them.”
–Lou Caballero, Partner at Bison Capital.
