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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.

Updated 2 hours ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.