OHA is Administrative Agent & Lead Left Arranger of Private Unitranche Financing Supporting Francisco Partners’ Acquisition of Elite

Rhea-AI Summary

Oak Hill Advisors (OHA) has been appointed as the Administrative Agent and Lead Left Arranger for a private unitranche financing that supports Francisco Partners' acquisition of Elite, a leading provider of ERP software and payment solutions for law firms. OHA maintains its position as the largest holder of the new debt facility, following its previous role as sole lender in TPG's carve-out of Elite from Thomson Reuters in 2023.

The financing arrangement leverages OHA's extensive experience in ERP software investments and their familiarity with Elite's operations. Elite has demonstrated strong performance and growth, maintaining high customer retention while promoting cloud adoption in the legal software industry.

Positive

• OHA maintains largest holder position in Elite's debt facility
• Elite demonstrates strong performance and growth record
• Company maintains best-in-class customer retention rates
• Successfully driving industry-wide cloud adoption
• Continued partnership with Francisco Partners indicates strong business prospects

Negative

• Increased debt load from new financing arrangement
• Potential integration risks from ownership transition

New York, New York, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Oak Hill Advisors (“OHA”) served as Administrative Agent and Lead Left Arranger for a private unitranche financing supporting Francisco Partners’ acquisition of Elite. Elite is a leading provider of mission-critical enterprise resource planning (“ERP”) software and integrated payment solutions for law firms globally. OHA is the largest holder of the newly raised debt facility.

This transaction follows OHA’s role as the sole lender for TPG’s carve-out of the company from Thomson Reuters in 2023. OHA’s familiarity with the company, combined with its decades of experience investing in ERP software companies, enabled a decisive and scaled financing solution.

“Since our initial investment in Elite, the business has demonstrated a strong track record of performance and remarkable growth. Elite operates as a market leader, maintaining best-in-class customer retention while driving industry-wide cloud adoption,” said Eric Muller, Partner and Portfolio Manager at OHA. “We are excited to deepen our partnership with Francisco Partners and the Elite leadership team as the company enters its next phase of expansion.”

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About OHA: Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm manages approximately $98 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of June 30, 2025. OHA’s emphasis on long-term partnerships with companies, sponsors and other partners provides access to a proprietary opportunity set, allowing for customized credit solutions across market cycles.

With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.

About Elite: Since its founding in 1947, Elite has transformed law firms with innovative technologies that are at the center of their success. Today, Elite is a leading, independent technology company that continues to develop cutting-edge digital financial solutions that drive success for the world’s most successful law firms. Visit elite.com to learn more.

About Francisco Partners: Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch more than 25 years ago, Francisco Partners has invested in more than 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $50 billion in capital raised, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Natalie Harvard, Head of Investor Relations & Partner
Oak Hill Advisors, L.P.
212-326-1505
nharvard@oakhilladvisors.com

Kristin Celestino, Vice President, Public Relations
Oak Hill Advisors, L.P.
817-215-2934
kcelestino@oakhilladvisors.com

FAQ

What role is OHA playing in Francisco Partners' acquisition of Elite?

OHA is serving as the Administrative Agent and Lead Left Arranger for the private unitranche financing supporting the acquisition, and is the largest holder of the newly raised debt facility.

What is Elite's main business focus?

Elite is a leading provider of mission-critical enterprise resource planning (ERP) software and integrated payment solutions specifically designed for law firms globally.

What was OHA's previous involvement with Elite?

OHA served as the sole lender for TPG's carve-out of Elite from Thomson Reuters in 2023, demonstrating their ongoing relationship with the company.

How has Elite performed since OHA's initial investment?

Elite has shown a strong track record of performance and remarkable growth, maintaining best-in-class customer retention while driving industry-wide cloud adoption.

What makes OHA qualified for this financing arrangement?

OHA brings decades of experience investing in ERP software companies and has direct familiarity with Elite's business from their previous lending relationship.