Filing Details
- Accession Number:
- 0001140361-24-019714
- Form Type:
- 13D Filing
- Publication Date:
- 2024-04-14 20:00:00
- Filed By:
- Clearlake Capital Group, L.p.
- Company:
- Blackbaud Inc (NASDAQ:BLKB)
- Filing Date:
- 2024-04-15
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Clearlake Capital Group | 0 | 9,751,837 | 0 | 9,751,837 | 9,751,837 | 18.2% |
| Jos Enrique Feliciano | 0 | 9,751,837 | 0 | 9,751,837 | 9,751,837 | 18.2% |
| Behdad Eghbali | 0 | 9,751,837 | 0 | 9,751,837 | 9,751,837 | 18.2% |
Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
Blackbaud, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
09227Q100
(CUSIP Number)
John Cannon
c/o Clearlake Capital Group, L.P.
233 Wilshire Blvd, Suite 800
Santa Monica, California 90401
(310) 400-8800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 14, 2024
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 2 of 7 Pages |
| 1 | NAMES OF REPORTING PERSONS | |||
| Clearlake Capital Group, L.P. | ||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | |
| (b) | ☐ | |||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | |||
| AF, WC | ||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | |||
| Delaware | ||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | ||
| 0 | ||||
| 8 | SHARED VOTING POWER | |||
| 9,751,837 | ||||
| 9 | SOLE DISPOSITIVE POWER | |||
| 0 | ||||
| 10 | SHARED DISPOSITIVE POWER | |||
| 9,751,837 | ||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | |||
| 9,751,837 | ||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |||
| 18.2% | ||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | |||
| IA, PN | ||||
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 3 of 7 Pages |
| 1 | NAMES OF REPORTING PERSONS | |||
| José Enrique Feliciano | ||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | |
| (b) | ☐ | |||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | |||
| AF, WC | ||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | |||
| United States of America | ||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | ||
| 0 | ||||
| 8 | SHARED VOTING POWER | |||
| 9,751,837 | ||||
| 9 | SOLE DISPOSITIVE POWER | |||
| 0 | ||||
| 10 | SHARED DISPOSITIVE POWER | |||
| 9,751,837 | ||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | |||
| 9,751,837 | ||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |||
| 18.2% | ||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | |||
| IN, HC | ||||
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 4 of 7 Pages |
| 1 | NAMES OF REPORTING PERSONS | |||
| Behdad Eghbali | ||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | |
| (b) | ☐ | |||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | |||
| AF, WC | ||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | |||
| United States of America | ||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | ||
| 0 | ||||
| 8 | SHARED VOTING POWER | |||
| 9,751,837 | ||||
| 9 | SOLE DISPOSITIVE POWER | |||
| 0 | ||||
| 10 | SHARED DISPOSITIVE POWER | |||
| 9,751,837 | ||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | |||
| 9,751,837 | ||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | |||
| 18.2% | ||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | |||
| IN, HC | ||||
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 5 of 7 Pages |
Explanatory Note: The Reporting Persons are hereby filing this Amendment No. 4 (this “Amendment No. 4”) to the Schedule 13D filed by the Reporting Persons on October 3, 2022 (the
“Original Schedule 13D” and, as amended and supplemented, including by this Amendment No. 4, the “Schedule 13D”) to disclose the non-binding proposal made by the Reporting Persons on April 14, 2024 to acquire all of the outstanding shares of the
Issuer’s Common Stock. Capitalized terms used in this Amendment No. 4 and not otherwise defined herein have the meanings set forth in the Original Schedule 13D. Except as specifically provided herein, this Amendment No. 4 does not modify any of the
information previously reported in the Schedule 13D.
| Item 4. | Purpose of Transaction. |
Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
On April 14, 2024, the Reporting Persons delivered a letter to the Issuer’s Board which contained a non-binding proposal (the “April 2024 Proposal”) to
acquire all of the outstanding shares of the Issuer’s Common Stock for a price of $80.00 per share in cash (the “April 2024 Proposed Transaction”). The Reporting Persons previously made a proposal on March 24, 2023 to acquire all of the
outstanding shares of the Issuer’s Common Stock for a price of $71.00 per share in cash (as described in Amendment No. 2, filed March 27, 2023).
The Reporting Persons have retained Jefferies LLC, J.P. Morgan Securities LLC, Qatalyst Partners LP, and Rothschild & Co. as their financial advisors in connection with the April 2024 Proposed
Transaction.
The Reporting Persons intend to engage in discussions with the Issuer regarding the terms of the April 2024 Proposed Transaction. The Reporting Persons may change the terms of the April 2024 Proposed
Transaction, determine to accelerate or terminate discussions with the Issuer with respect to the April 2024 Proposed Transaction, withdraw the April 2024 Proposed Transaction, take any action to facilitate or increase the likelihood of
consummation of the April 2024 Proposed Transaction, or change their intentions with respect to any such matters, in each case at any time and without prior notice. The Reporting Persons and their affiliates will, directly or indirectly, take such
additional steps as they may deem appropriate to further the April 2024 Proposed Transaction or otherwise to support their investment in the Issuer, including, without limitation: (i) engaging in discussions with other stockholders, potential
sources of financing, advisors, and other relevant parties and (ii) entering into confidentiality arrangements, financing commitments, and other agreements, arrangements and understandings in connection with the April 2024 Proposed Transaction.
While the Reporting Persons believe that the offer price in the April 2024 Proposal represents a fair value for the shares of the Issuer’s Common Stock, the ultimate terms of a transaction, including
price, will be determined through negotiations between the Reporting Persons and the Board and, accordingly, the terms set forth in the April 2024 Proposal are subject to change.
Neither the Reporting Persons nor the Issuer is obligated to complete the April 2024 Proposed Transaction, and there can be no assurance as to the outcome of any discussions related to the April 2024
Proposed Transaction or that any agreement will be reached between the Issuer and the Reporting Persons or that the terms of any transaction will not differ from the terms contemplated by the April 2024 Proposal.
Neither the April 2024 Proposal nor this Amendment No. 4 is meant to be, nor should be construed as, an offer to buy or the solicitation of an offer to sell any of the Issuer’s securities.
The foregoing description of the April 2024 Proposal does not purport to be complete and is qualified in its entirety by reference to the April 2024 Proposal, a copy of which is filed as an exhibit
hereto and is incorporated herein by reference. The April 2024 Proposed Transaction may result in one or more of the actions specified in clauses (a)-(j) of Item 4 of Schedule 13D, including the acquisition or disposition of additional securities
of the Issuer, a merger or other extraordinary corporate transaction involving the Issuer, a change to the present composition of the Board, a change to the present capitalization or dividend policy of the Issuer, the delisting of the Issuer’s
securities from the Nasdaq Global Select Market, and a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934. The Reporting Persons may further
consider pursuing other plans, proposals or other courses of action with the Issuer’s management, the Board, other Issuer stockholders, advisors or other persons which could relate to, or result in, several of the matters referred to in clauses
(a)-(j) of Item 4 of Schedule 13D.
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 6 of 7 Pages |
| Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. |
Item 6 of the Schedule 13D is hereby amended and supplemented as follows:
The response to Item 4 of this Amendment No. 4 is incorporated by reference herein.
| Item 7. | Material to be Filed as Exhibits. |
Item 7 of the Schedule 13D is hereby amended and supplemented as follows:
| Exhibit 99.5 | Letter to the Board of Directors of Blackbaud, Inc., dated April 14, 2024 |
SCHEDULE 13D
| CUSIP No. 09227Q100 | Page 7 of 7 Pages |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: April 15, 2024
| Clearlake Capital Group, L.P. | ||||
| By: | /s/ John Cannon | |||
| Name: | John Cannon | |||
| Title: | Attorney-in-Fact | |||
| José Enrique Feliciano | ||||
| By: | /s/ John Cannon | |||
| Name: | John Cannon | |||
| Title: | Attorney-in-Fact | |||
| Behdad Eghbali | ||||
| By: | /s/ John Cannon | |||
| Name: | John Cannon | |||
| Title: | Attorney-in-Fact | |||
Attention: Intentional misstatements or omissions of fact constitute federal violations (see 18 U.S.C. 1001).