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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.

3 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."