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1h ago

Soho House to Go Private in $2.7 Billion MCR-Led Deal at $9 a Share

Existing insiders will retain majority control upon completion with a planned NYSE delisting.

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Soho House is seen on Greek street, London, Britain, July 13, 2021. REUTERS/Peter Nicholls/File Photo

Overview

  • MCR’s chairman and CEO Tyler Morse will join the board as vice chairman, and Ashton Kutcher will become a director after the deal closes.
  • Executive chairman Ron Burkle’s Yucaipa and founder Nick Jones are rolling their stakes and will keep majority control of the company.
  • Funds managed by Apollo are providing financing to refinance existing senior secured notes, with Goldman Sachs Alternatives also reported as a participant.
  • A special committee of independent directors recommended the offer, which requires regulatory and stockholder approvals and targets closing by the end of 2025.
  • Soho House named Neil Thomson chief financial officer, succeeding Thomas Allen, and the shares rose about 16% after the announcement as the $9 price sat roughly 18% above Friday’s close.