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     153  0 Kommentare Advantage Solutions to sell digital advertising platform Jun Group for $185 million

    ST. LOUIS, June 18, 2024 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV), a leading business solutions provider to consumer goods manufacturers and retailers, today announced it has entered into an agreement to sell its digital advertising platform Jun Group to Verve Group SE, a Swedish digital advertising company formerly known as Media and Games Invest SE.

    Gross proceeds from the sale are expected to be approximately $185 million, the majority of which will be received in cash at closing. The transaction is expected to close in the third quarter, subject to regulatory and other approvals.

    As part of the agreement, Verve will pay Advantage approximately $130 million in cash at close, plus two additional installments paid 12 months and 18 months post-close to complete the deal. Advantage plans to use the majority of initial proceeds to pay down debt and reinvest in the business. The company remains committed to reducing its net leverage ratio to less than 3.5 times.

    Jun Group, which Advantage acquired in 2018, is a technology company that powers digital media campaigns on digital platforms, including smart phones, tablets and desktop computers.

    While Jun Group provides some services to retailers and consumer-packaged goods companies, many of its customers — including publishers and health care companies — are distinct from Advantage’s core customer base.

    “The sale of Jun Group largely completes our business portfolio transformation, which is sharpening Advantage’s focus squarely on providing best-in-class services to our retailer and CPG clients,” said Dave Peacock, CEO of Advantage Solutions. “Over the last year and a half, we’ve simplified our portfolio around our core capabilities, and we are building the foundation for growth.”

    The transaction follows a series of divestitures over the last year, including the recent sales of Strong Analytics, The Data Council, Adlucent, Atlas Technology Group and Advantage’s collection of foodservice businesses. Advantage will continue to evaluate its portfolio and seek opportunities to further augment its capabilities.

    Global investment bank Canaccord Genuity and law firm Latham & Watkins served as advisors to Advantage on the transaction.

    Financial update

    Jun Group comprised less than 5% of Advantage 2023 consolidated gross revenues and less than 10% of its 2023 consolidated Adjusted EBITDA, including continuing and discontinued operations, per Advantage estimates.

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    Advantage Solutions to sell digital advertising platform Jun Group for $185 million ST. LOUIS, June 18, 2024 (GLOBE NEWSWIRE) - Advantage Solutions Inc. (NASDAQ: ADV), a leading business solutions provider to consumer goods manufacturers and retailers, today announced it has entered into an agreement to sell its digital …