After a three-year ownership period, Thoma Bravo LLC is exiting Telestream Inc. through a sale of the portfolio company to Genstar Capital LP. Wednesday's announcement did not include terms.

The deal is expected to close in mid-January.

Nevada City, Calif.-based Telestream is a provider of live and on-demand digital video tools and workflow products. Its clients include media and entertainment companies such as CBS Corp.(CBS) - Get Report , British Broadcasting Corp. and Time Warner Inc. (TWX) .

Telestream has been profitable since 2001, according to its Web site.

Thoma Bravo purchased Telestream in January 2012. Under the PE firm's ownership, the company has added employees, expanded into new markets and broadened its client base, said A.J. Rohde, a principal at Thoma Bravo, in a statement.

Telestream acquired companies including captioning software provider CPC and launched products such as Post Producer and TrafficManager.

Genstar, for its part, "has been following Telestream closely and this acquisition is consistent with our strategy of investing in vertical market software companies," said Genstar managing director Eli Weiss in a press release.

Goodwin Procter LLP's Hovey Kemp, Jared Jensen, Danielle Geier and Anthony Taranto served as legal counsel to Thoma Bravo.

Ropes & Gray LLP's Howard Glazer, Michael Lee, Harry Rubin, Lee Allison and Thomas Burke provided Genstar with legal advice. Silverwood Partners' Jonathan Hodson-Walker served as financial adviser.

Representatives for Genstar and Telestream were not immediately available to provide additional comment. A Thoma Bravo representative declined to provide further comment pending the close of the transaction. Wednesday's announcement comes two days after Thoma Bravo said it completed the sale of cyber security company Tripwire to Belden Inc.(BDC) - Get Report in a $710 million transaction.

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