Advantage Solutions, a US sales and marketing firm, withdrew its plans for an initial public offering on Tuesday in favor of a SPAC merger. It originally filed in May 2017 with an estimated deal size of $800 million.
The company announced in a press release on Tuesday that it had entered into a merger agreement with Conyers Park II Acquisition (CPAA), the second blank check formed by Centerview Capital.
The Irvine, CA-based company was founded in 1987 and booked $2.2 billion in sales for the 12 months ended March 31, 2017. It had planned to list on the NYSE under the symbol ADV. Goldman Sachs and Morgan Stanley were set to be the joint bookrunners on the deal.
