And the plot continues to thicken.
-----Original Message-----
From: ohgen-bounces(a)rootsweb.com [mailto:ohgen-bounces@rootsweb.com] On
Behalf Of ohgen(a)alltel.net
Sent: Wednesday, December 19, 2007 9:48 AM
To: ohgen(a)rootsweb.com
Subject: [OHGEN] The Generations Network
December 13, 2007
The Generations Network Receives $150 Million Syndicate Financing
The following announcement was written by Hercules Technology Growth
Capital, Inc. It is a follow-up announcement concerning the recent
acquisition of The Generations Network by Spectrum Equity Investors. The
earlier announcement is available at
http://blog.eogn.com/eastmans_online_genealogy/2007/10/follow-up-ances.html.
NOTE: The Generations Network is the parent company of
Ancestry.com,
MyFamily.com,
RootsWeb.com, and a number of other web sites.
Hercules Participates in $150 Million Syndicate Financing by Providing $17.5
Million in Debt and $500,000 Equity Capital to The Generations Network, Inc.
PALO ALTO, Calif., Dec 13, 2007 -- Hercules Technology Growth Capital, Inc.
(NASDAQ: HTGC), the premier specialty finance company providing venture debt
and equity to venture capital and private equity backed technology and life
science companies at all stages of development, today announced that it
provided a combination of $17.5 million in debt financing and $500,000 of
equity capital as part of a larger leveraged recapitalization on December 5,
2007, to The Generations Network, Inc. - an online network of family history
Web sites.
The buyout of The Generations Network was led by Spectrum Equity Investors,
a top-tier private equity firm.
"Financing The Generations Network represents another deal in Hercules'
growing franchise of middle market lending for the late-stage group," said
Kevin Grossman, managing director at Hercules. "The company owns three of
the top four genealogy Web sites in the U.S. in terms of traffic. This fact,
along with the company's strong recent growth trends and expanding
international footprint, prompted Hercules to select The Generations Network
as a financing candidate."
The Generations Network operates eight ancestry Web sites, including
www.ancestry.com and the family social networking site,
www.myfamily.com.
"The Generations Network has established a leading position in the genealogy
Web site market, providing people with the content, community and technology
to empower them to find the individuals most important to them," said Tim
Sullivan, president and chief executive officer of The Generations Network,
Inc. "We will use the debt and equity capital from this transaction to
support the next phase of the company's growth."
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty
finance company providing debt and equity growth capital to technology and
life science companies at all stages of development. Founded in December
2003, the company primarily finances privately held companies backed by
leading venture capital and private equity firms. Hercules invests in a
broad range of ventures active in technology and life science industries and
offers a full suite of growth capital products up and down the capital
structure. The company is headquartered in Palo Alto, Calif. and has
additional offices in the Boston, Boulder, Los Angeles and Chicago areas.
Providing capital to publicly-traded or privately-held companies backed by
leading venture capital and private equity firms involves a high degree of
credit risk and may result in potential losses of capital. For more
information, please visit
www.HTGC.com.
Companies interested in learning more about financing opportunities should
contact info(a)HTGC.com, or call 650.289.3060.
About The Generations Network, Inc.:
The Generations Network, Inc., founded in 1983, is the leading online
network connecting families across distance and time. The Generations
Network, Inc. provides people the content, community, and technology to
empower them to find the people most important to them -- and discover and
share their unique family stories. The Generations Network operates eight
Ancestry websites, including
www.ancestry.com (United States),
www.ancestry.co.uk (United Kingdom),
www.ancestry.ca (Canada),
www.ancestry.com.au (Australia),
www.ancestry.de (Germany),
www.ancestry.it
(Italy),
www.ancestry.fr (France) and
www.ancestry.se (Sweden) as well as
www.myfamily.com,
www.genealogy.com and
www.rootsweb.com. The company also
publishes Family Tree Maker(R), the No. 1-selling family history software,
Ancestry Magazine and more than 50 book titles. For more information, please
visit
www.thegenerationsnetwork.com.
Forward-Looking Statements:
The statements contained in this release that are not purely historical are
forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties and other
factors that could cause actual results to differ materially from those
expressed in the forward-looking statements including, without limitation,
the risks, uncertainties and other factors we identify from time to time in
our filings with the Securities and Exchange Commission. Although we believe
that the assumptions on which these forward-looking statements are
reasonable, any of those assumptions could prove to be inaccurate and, as a
result, the forward-looking statements based on those assumptions also could
be incorrect. You should not place undue reliance on these forward-looking
statements. The forward-looking statements contained in this release are
made as of the date hereof, and Hercules assumes no obligation to update the
forward-looking stateme!
nts for subsequent events.
Posted by Dick Eastman on December 13, 2007
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