GTCR leads $200M debt deal to refinance Sophos
What's the deal? GTCRDealroom has a profile for this one. Try Dealroom → has jointly led a $200 million second lien term loan for Sophos, the Oxford-based cybersecurity provider owned by Thoma BravoDealroom has a profile for this one. Try Dealroom →. The debt was raised to refinance Sophos' existing $2.45 billion first lien term loan.
What does Sophos do? It sells cybersecurity software and services to roughly 625,000 customers, mostly small and medium-sized businesses and mid-market organisations. Its products span endpoint and network protection and managed detection and response (MDR) services.
Why now? In February 2025, Sophos acquired Secureworks, adding an enterprise-focused MDR business. The refinancing gives the company fresh financing as it integrates that deal and expands its MDR offering.
Who's behind it? The investment follows the close of GTCR's inaugural Capital Solutions Fund, which provides minority structured investments. Recent bets from the fund include TELUS HealthDealroom has a profile for this one. Try Dealroom → and SolmetexDealroom has a profile for this one. Try Dealroom →.
What they're saying: "Our ongoing dialogue with Thoma Bravo and familiarity with the sector enabled us to move quickly to address Sophos' financing needs," said Jason Prager, managing director at GTCR. Erwin Mock, head of capital markets at Thoma Bravo, called GTCR "a constructive partner."
The signal: At $200 million, this ranks among the largest debt rounds for a UK deep tech company — above the 99th percentile in that category. It reflects private equity's appetite to structure bespoke capital for cybersecurity firms rather than relying on traditional lenders.
Read more: prnewswire.com
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