Advantage Solutions Inc. (Advantage), the leading provider of outsourced sales and marketing services to consumer goods manufacturers and retailers, has entered into a merger agreement to combine with Conyers Park II Acquisition Corp. (Conyers Park), a publicly traded special purpose acquisition company founded by consumer goods and finance industry executives with a history of value creation. At the closing of the transaction, Advantage is expected to become a publicly traded company. The transaction implies an initial enterprise value for Advantage of approximately $5.2 billion or 10.1x its estimated 2021 Adjusted EBITDA of $515 million.
Latham & Watkins LLP represents Advantage in the transaction with a M&A deal team led by New York partners Howard Sobel, Paul Kukish and Robert Katz and counsel Michael Vardanian, with associates Matthew Villar, Jordan Browdy and Daley King. Advice was also provided on capital markets matters by Orange County partners Michael Treska and Drew Capurro, with associates Darren Guttenberg, Paul Jeffrey, Eric Hanzich, Christopher Martinez and Gregory Van Buiten; on finance matters by New York partners Joshua Tinkelman and Scott Ollivierre and Washington, D.C. partners Jason Licht and Leakhena Mom, with associate Louis Quagliato; on benefits and labor matters by New York partner Bradd Williamson and Chicago counsel Nineveh Alkhas, with associate Megan Alessi and Daniel Gocek; on tax matters by Chicago partner Joseph Kronsnoble, with associate Michael Zucker; and on intellectual property matters by New York partner Jeffrey Tochner.