Exhibit 99.1
ADVANTAGE SOLUTIONS AND CONYERS PARK II ACQUISITION CORP.
ANNOUNCE CLOSING OF BUSINESS COMBINATION
10.28.2020
NAPLES, Florida and IRVINE, California — Conyers Park II Acquisition Corp. (“Conyers Park”) (NASDAQ: CPAA), a publicly traded special purpose acquisition company founded by consumer goods and finance industry executives with a history of value creation, and Advantage Solutions Inc. (“Advantage” or the “Company”), a leading provider of sales and marketing services to consumer goods brands and retailers, today announced the completion of their previously announced business combination. Following this transaction, the combined company has been renamed “Advantage Solutions Inc.” and its Class A common stock and warrants are expected to trade on NASDAQ with the symbols “ADV” and “ADVWW,” respectively.
“We are excited to embark on this next chapter as a public company,” said Advantage Solutions CEO Tanya Domier. “This combination will allow Advantage to strengthen our leadership position by enabling us to further invest in our talent, capabilities and growth initiatives as we continue to anticipate and meet the ever-evolving needs of our clients, while also assuring our strong financial footing for decades to come. We believe that the addition of members of the highly experienced Conyers Park team to our board, with their deep knowledge and expertise in our industry, will further drive our success.”
“We are delighted to partner with Advantage Solutions,” said Jim Kilts, executive chairman of Conyers Park, who will remain the chair of the combined company. “Our strategy has been to seek out fundamentally sound companies that are leaders in their categories, with well-established management teams and the potential for revenue or market share improvements, and which offer compelling value. Advantage meets all of those criteria and we believe the company is well positioned for sustained growth.”
In connection with the completion of the business combination, Advantage also announced that it has completed its previously announced debt refinancing, in which the company replaced its existing credit facilities with a new $1.325 billion first lien term facility, $775.0 million senior secured notes and a $400.0 million revolving credit facility. As part of the transaction the company also increased its previously announced common stock private placement from $700 million to $855 million, which included $500 million from institutional investors that include both existing Conyers Park investors and new investors.
About Advantage Solutions
Advantage Solutions is a leading business solutions provider committed to driving growth for consumer goods manufacturers and retailers through winning insights and execution. Advantage’s data and technology-enabled omnichannel solutions — including sales, retail merchandising, business intelligence, digital commerce and a full suite of marketing services — help brands and retailers across a broad range of channels drive consumer demand, increase sales and achieve operating efficiencies. Headquartered in Irvine, California, Advantage has offices throughout North America and a presence in select markets throughout Africa, Asia, Australia and Europe through which it services the global needs of multinational, regional and local manufacturers. For more information, please visit advantagesolutions.net.
About Conyers Park II Acquisition Corp.
Conyers Park is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its management team is led by James M. Kilts, its executive chairman, and David J. West, its chief executive officer. Mr. Kilts’ and Mr. West’s careers have centered on identifying and implementing value creation initiatives throughout the consumer industry. They have collectively created approximately $50 billion in shareholder value throughout their combined 75-plus year careers in the consumer industry by relying on what Conyers Park believes to be tried-and-true management strategies: cost management and productivity enhancement and reinvesting the savings behind product innovation, marketing and brand building.
