Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Grindr is making its most consequential move beyond dating after agreeing to acquire PurposeMed, the parent company of HIV-prevention telehealth provider Freddie, for $250 million upfront.</li><li>The transaction includes $190 million in cash and $60 million in stock, with up to another $70 million in cash tied to 2027 performance targets.</li><li>Freddie currently serves roughly 25,000 active patients and expects to generate more than $80 million in revenue and over $10 million in adjusted EBITDA in 2026.</li></ul>

Grindr is making its most consequential move beyond dating after agreeing to acquire PurposeMed, the parent company of HIV-prevention telehealth provider Freddie, for $250 million upfront.The transaction includes $190 million in cash and $60 million in stock, with up to another $70 million in cash tied to 2027 performance targets.Freddie currently serves roughly 25,000 active patients and expects to generate more than $80 million in revenue and over $10 million in adjusted EBITDA in 2026.

Grindr’s $250 Million Buyout Could Reshape Its Future Beyond Dating!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a>, proposed to take the company private in a US$3.5bn deal.</li>
<li>The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.</li>
<li>While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. </li>
</ul>


Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in Grindr (GRND US), proposed to take the company private in a US$3.5bn deal.
The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.
While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. 


Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

<ul><li>Grindr Inc. surged nearly 10% after reports emerged that its majority owners — Raymond Zage and James Lu — are in advanced talks to take the LGBTQ+ dating platform private with debt financing support from Fortress Investment Group.</li><li>According to Semafor, discussions have centered around a potential buyout price near $15 per share, valuing the company at roughly $2.24 billion.</li><li>The timing comes amid a volatile market for tech valuations and follows a period of sustained profitability and accelerating monetization at Grindr.</li></ul>

Grindr Inc. surged nearly 10% after reports emerged that its majority owners — Raymond Zage and James Lu — are in advanced talks to take the LGBTQ+ dating platform private with debt financing support from Fortress Investment Group.According to Semafor, discussions have centered around a potential buyout price near $15 per share, valuing the company at roughly $2.24 billion.The timing comes amid a volatile market for tech valuations and follows a period of sustained profitability and accelerating monetization at Grindr.

Grindr Take-Private Talks Heat Up — Why Fortress Could Help Take It Private At $15/Share

<ul>
<li>This deal for <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a> from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. </li>
<li>As <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a> goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.</li>
<li>
<a href="https://www.smartkarma.com/entities/wynn-resorts-ltd" target="_blank" data-smartkarma-citation="entities:606:1" rel="noopener">Wynn Resorts (WYNN US)</a> is at extreme levels vs. <a href="https://www.smartkarma.com/entities/wynn-macau-ltd" target="_blank" data-smartkarma-citation="entities:473:1" rel="noopener">Wynn Macau Ltd (1128 HK)</a>; yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.</li>
</ul>


This deal for Qube Holdings (QUB AU) from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. 
As Digital Holdings (2389 JP) goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.

Wynn Resorts (WYNN US) is at extreme levels vs. Wynn Macau Ltd (1128 HK); yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.


Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

<ul>
<li>I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were  discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>, <a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a>, and <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings Inc (2389 JP)</a>, and <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a>.</li>
</ul>


I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were  discussed on Smartkarma this week: Qube Holdings (QUB AU), Monash IVF (MVF AU), and National Storage REIT (NSR AU).
Key updates/news also took place on: Iress Ltd (IRE AU), ANE Cayman Inc (9956 HK), Digital Holdings Inc (2389 JP), and Grindr (GRND US).


Asia-Pac M&A Weekly Wrap: Mandom, Monash IVF, National Storage REIT, Iress, Digital Holdings, Grindr

United States

Grindr is a location-based social networking and dating application designed for the LGBTQ+ community, primarily serving gay, bisexual, transgender, and queer individuals. The platform enables users to create profiles, discover others by proximity, chat, and share content. It operates on a freemium model, generating revenue through both ad-supported services and premium subscriptions. Headquartered in West Hollywood, California, U.S., the company was founded in 2009.

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Grindr (GRND US)

Grindr’s $250 Million Buyout Could Reshape Its Future Beyond Dating!

Grindr is making its most consequential move beyond dating after agreeing to acquire PurposeMed, the parent company of HIV-prevention telehealth...

Baptista Research

Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

I'd be picking up shares here. Zage and Lu, having sourced financing, suggests they're serious. Expect the Committee to make a decision before...

David Blennerhassett

Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Mandom, Monash IVF, National Storage REIT, Iress, Digital Holdings, Grindr

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Grindr’s $250 Million Buyout Could Reshape Its Future Beyond Dating!

Grindr is making its most consequential move beyond dating after agreeing to acquire PurposeMed, the parent company of HIV-prevention telehealth...

Baptista Research

Grindr (GRND US)'s Wide Spread As Majority Owners Court Delisting

I'd be picking up shares here. Zage and Lu, having sourced financing, suggests they're serious. Expect the Committee to make a decision before...

David Blennerhassett

Grindr Take-Private Talks Heat Up — Why Fortress Could Help Take It Private At $15/Share

Grindr Inc. surged nearly 10% after reports emerged that its majority owners — Raymond Zage and James Lu — are in advanced talks to take the...

Baptista Research

Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Mandom, Monash IVF, National Storage REIT, Iress, Digital Holdings, Grindr

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett