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  "documentTitle": "Advantage Solutions | SPAC Presentation Deck | 39 slides",
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  "authorName": "Advantage Solutions",
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  "presentationDate": "2020-09-01 00:00:00",
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  "notes": "Includes footnotes regarding debt, redemptions, and ownership calculations.",
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      "text": "Closing expected as soon as late October",
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      "text": "Equity portion financed through: $450mm of cash from Conyers Park II trust; New common stock private placement of $700mm -> 70mm shares purchased at $10.00 per share; Existing investor group (including CVC and Leonard Green) investing $200mm as part of the private placement",
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      "text": "Equity value at $10.00 per share of $3.3bn; Existing ownership group to rollover entire stake, own 62% ownership in pro forma company; Conyers Park II and common stock private placement investors to own 38% of the pro forma company",
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      "text": "Enterprise value of $5.2bn; Compelling valuation at 10.1x 2021E Adjusted EBITDA of $515mm and 10.9x 2021E Adjusted EBITDA less CapEx of $475mm (CapEx of $40mm)",
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      "text": "Jim Kilts to serve as Chairman post-closing; Existing management to continue to run the business",
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      "text": "Transaction proceeds used to reduce company leverage; Resulting net debt of $1.9bn, or 3.7x LTM June Adjusted EBITDA (of $508mm) and expect to de-lever to ~3.5x at end of 2021E",
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      "text": "(1) Based on a $2.1bn term loan and $200mm of cash. (2) Assumes no redemptions. (3) Common stock private placement shares purchased by existing ownership group are not reflected in the 62% ownership figure.",
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