Blackstone-led lenders take control of Medallia, Thoma Bravo loses stake after recap
Medallia’s $5 billion equity wipeout in Thoma Bravo’s 2021 buyout hands control to lenders led by Blackstone, Apollo, and FS KKR Capital, with $150 million in new capital, turning private credit loan markdowns into ownership losses as AI pressures reshape the customer-experience software sector.