On Thursday Intercontinental Exchange (NYSE: ICE) announced they agreed to buy our portfolio company YellowJacket. We made an initial small investment in YellowJacket in November 2006 and made a larger follow-on investment into the company in May 2007.
Greenhill SAVP is only 16 months removed from our first investment in our new fund and only 14 months removed from our initial investment in YellowJacket. While I'm very pleased to be able to provide an excellent early return for our investors, this acquisition is bittersweet for me as I've really enjoyed working with two talented founders in Jacob Pechenik and Greg Campbell as well as the rest of the management team.
The team's strategic vision, foresight and technical competence to create innovative technology to power a peer-to-peer, bi-lateral communications and trading network for the highly complex OTC energy derivatives market has been a key to the company's early success and has led to the creation of so much value in such a short period of time.
While we're confident YellowJacket could have continued to created a large, successful company on its own we feel YellowJacket's strong management team, powerful technical platform and loyal customer base combined with ICE's vast distribution, asset class diversity and broad customer set will lead to very rapid growth for the foreseeable future.
I'd like to congratulate Jacob, Greg, Michelle, Andy and the rest of the team at YellowJacket on a great result so far and expect the team will continue to fulfill its vision and exceed its goals as a member of the ICE family. I'd also like to thank Matt Gorin from Contour Venture Partners for being a terrific co-investor, fellow board member and partner on this investment.
Comments