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Illustration: Sarah Grillo/Axios

Advantage Solutions, an Irvine, Calif.-based provider of sales and marketing services to consumer goods makers and retailers, agreed to go public via a reverse merger with Conyers Park II Acquisition Corp., a SPAC formed by Centerview Capital.

Why it matters: Private equity is on both sides of this transaction, illustrating how the industry is integrating what could otherwise become a rival.

  • The deal gives Advantage an initial enterprise value of $5.2 billion, with existing backers CVC Capital Partners, Leonard Green, and Bain Capital rolling over their entire stake and investing an additional $200 million.

The bottom line: "Conyers, whose shares were up 52.2% in premarket trading, said the Advantage Solutions merger is expected to close by late October," per Reuters.

Go deeper

Dan Primack, author of Pro Rata
Oct 6, 2020 - Economy & Business

Space cargo company Momentus going public via SPAC

Illustration: Aïda Amer/Axios

Space cargo delivery startup Momentus has agreed to go public via a reverse merger that would value the company at just over $1.5 billion, Axios has learned from a source familiar with the situation.

Details: The company would become listed on the Nasdaq under ticker symbol MNTS, and would secure a simultaneous $175 million investment from Capital Group, D.E. Shaw, Lerner Enterprises, Tribe Capital, and Axon Capital.

Media companies get in on the SPAC action

Illustration: Sarah Grillo/Axios

Special purpose acquisition companies, or SPACs, are booming, and media companies are looking to be a part of the action.

Why it matters: SPACs have become a popular alternative for businesses seeking to go public without undertaking a traditional IPO process.

2 hours ago - Politics & Policy

Beto not even best Dem against Abbott

Beto O'Rourke speaks at a rally at the Texas State Capitol in June. Photo: Sergio Flores/Getty Images

Actor Matthew McConaughey’s nine-point lead in a theoretical matchup against Greg Abbott shows just how vulnerable the hard-right Texas governor could be in a general election.

Why it matters: Abbott has won conservative accolades for his abortion, mask and vaccine bans. Axios reported Sunday that former Rep. Beto O’Rourke is preparing to announce a gubernatorial challenge — but a recent poll shows he’s not even the most popular Democrat in the state.