Morrison & Foerster represented Spark Networks SE, a social dating company headquartered in Berlin, Germany, with offices in New York and Utah, in obtaining a new senior secured credit facility from MGG Investment Group LP. The transaction closed on March 11, 2022.
Spark is a leading social dating platform focusing on demographic and faith-based affiliations and boasts a widening portfolio of premium and freemium dating apps, including Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe. The recent financing transaction was used to refinance Spark’s existing credit facilities and will give the company greater future covenant flexibility, as well as provide Spark with the resources to invest in the business and deliver sustainable subscription revenue growth. The company expects to drive higher awareness, engagement and subscribers by leveraging its strong brands, unique and improving user experiences, a global online dating platform of scale, and a $110+ million annual marketing budget.
The multi-office MoFo team advising Spark Networks on this financing transaction was led by San Francisco private equity/finance of counsel Eric Min, together with associates Rohit Sengupta and Julietta Rose, with support from San Francisco private equity/finance partner Dario Avram.
The wider team included Berlin finance partner Angela Kerek, tax partner Jens-Uwe Hinder, and senior associate Jenny Broekmann, London finance partner Chris Kandel and associate Laura Esme Van Der Griendt, New York tax partners Anthony Carbone and Dave Sturgeon and San Francisco associate Lauren Keller, San Francisco executive compensation of counsel Brooke Monahan, and San Francisco technology transactions partner Justin Haan and associate Gilbert Choi.
Read more about the transaction in Spark’s press release.