Advantage Solutions Further Simplifies Portfolio by Selling Its Collection of Foodservice Businesses to Prospect Hill Growth Partners to Form Acxion Foodservice
Advantage Solutions Inc. - Class A (ADV)
Company Research
Source: GlobeNewswire
IRVINE, Calif., Jan. 31, 2024 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV), a leading provider of sales and marketing services to consumer goods manufacturers and retailers, today announced it has sold its collection of foodservice businesses, most notably Waypoint, to Prospect Hill Growth Partners, L.P. As part of the sale, the foodservice businesses will be combined with KeyImpact Sales & Systems Inc., with Advantage receiving total proceeds of approximately $100 million, which is a combination of mostly cash and an ongoing 7.5% stake in the combined entity. The sale will streamline Advantage’s portfolio, allowing the company to focus on its core retail businesses and strengthen its balance sheet. As a result of the transaction, which closed today, KeyImpact will combine with Waypoint, Marlin Connections, Primeline, CSSI, Ettros, Halverson Group and Coleman, Greear & Associates to form one of North America’s leading foodservice solutions agencies, Acxion Foodservic
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Earnings
- 2/29/24 - Miss
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Analyst Actions
- 3/1/24 - TheStreet
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Sec Filings
- 5/2/24 - Form 4/A
- 5/2/24 - Form 4/A
- 5/2/24 - Form 4/A
- ADV's page on the SEC website