Platinum Eagle Acquisition Corp. changes name
to Target Hospitality Corp.
Target Hospitality is the largest provider of
specialty rental accommodations with premium catering and
value-added hospitality services in the U.S.
Target Hospitality Corp. will trade on NASDAQ
under the ticker symbol “TH”
Strategic business combination provides capital
and strong foundation for Target Hospitality’s long-term profitable
growth
Platinum Eagle Acquisition Corp. (Nasdaq: EAGL) (“Platinum
Eagle”), a publicly traded special purpose acquisition company,
Target Logistics Management, LLC (“Target Lodging”), and RL Signor
Holdings, LLC (“Signor Lodging”) announced today that they have
completed their previously announced business combination under
which Platinum Eagle acquired both Target Lodging and Signor
Lodging for approximately $1.4 billion in total consideration. This
transaction, which was approved on March 6 by Platinum Eagle’s
stockholders, creates the largest provider of specialty rental
accommodations with premium catering and value-added hospitality
services in the U.S.
Upon completion of the business combination, Platinum Eagle
changed its name to Target Hospitality Corp. (“Target
Hospitality”). Beginning March 18, 2019, common stock and public
warrants of Target Hospitality will start trading on the NASDAQ
stock exchange under new ticker symbols “TH” and “THWWW,”
respectively.
Target Hospitality will be led by Target Lodging’s highly
experienced management team, including President and Chief
Executive Officer Brad Archer, Chief Financial Officer Andy
Aberdale, Chief Commercial Officer Troy Schrenk, Executive Vice
President and General Counsel Heidi Lewis, and Senior Vice
President of Operations Travis Kelley, who will continue to serve
in their respective roles. Stephen Robertson, Co-Founder of TDR
Capital, the private equity firm that owns Algeco, the parent of
Target Lodging, and also owned Signor Lodging, will serve as
Chairman of the combined company and will be joined on the board by
Gary Lindsay, a Partner at TDR Capital, and Jeff Sagansky, CEO of
Platinum Eagle.
Mr. Sagansky commented, “Brad and management have done a great
job delivering a superior customer experience that no other
competitor has come close to replicating. This has resulted in long
term customer commitments and stellar financial results. This
strategic business combination further enhances Target
Hospitality’s proven platform and growth profile, positioning it to
become a truly dynamic public company story.”
Mr. Archer said, “Becoming a publicly traded company represents
a significant milestone that has been made possible through the
hard work and dedication of all our employees. With greater
financial flexibility and a clear plan to create long-term
shareholder value, we are well positioned to capitalize on the
opportunities ahead of us to fuel Target Hospitality’s sustainable
growth. Target has a long history of partnering with its clients to
provide the competitive advantage they need to both recruit and
retain top talent; we now see even greater opportunities to improve
and further exceed client expectations by delivering unparalleled
service and amenities they can always count on.”
Mr. Robertson stated, “As a public company with experienced
leadership, meaningful scale, a high-quality portfolio and an
unparalleled suite of vertically integrated solutions, Target
Hospitality is poised to expand its position as the largest
provider of specialty rental accommodations and value-add services.
With the closing of this transaction, a strong foundation has been
laid for long-term profitable growth.”
Deutsche Bank Securities Inc. and BofA Merrill Lynch served as
capital markets advisors and private placement agents to Platinum
Eagle. Oppenheimer & Co. Inc. acted as exclusive financial
advisor on the transaction. Deutsche Bank Securities Inc. served as
general financial advisor to Platinum Eagle. Winston & Strawn
LLP acted as legal advisor to Platinum Eagle and Allen & Overy
LLP acted as legal advisor to Target Lodging and Signor
Lodging.
About Target Hospitality
Headquartered in The Woodlands, Texas, Target Hospitality is the
public holding company for Target Lodging, Signor Lodging and their
respective subsidiaries. Target Hospitality, through Target Lodging
and Signor Lodging, builds, owns and operates customized housing
communities for a range of end users, and offers a full suite of
cost-effective hospitality solutions including culinary, catering,
concierge, laundry and security services as well as recreational
facilities. Target Hospitality primarily serves the oil and gas,
energy and government sectors and its growing network of
communities is designed to maximize workforce productivity and
satisfaction. Prior to the acquisition of Target Lodging and Signor
Lodging and contemporaneous name change to Target Hospitality,
Platinum Eagle Acquisition Corp. was a special purpose acquisition
company formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination. The company began trading on the
NASDAQ stock exchange in January 2018 and, prior to its combination
with Target Lodging and Signor Lodging in March 2019, its Class A
ordinary shares, units and warrants traded on the Nasdaq stock
market under the ticker symbols EAGL, EAGLU and EAGLW,
respectively.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Target Hospitality’s, Target Lodging’s or Signor
Lodging’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: the inability to recognize the
anticipated benefits of the business combination; the inability to
meet Nasdaq listing standards; costs related to the business
combination; Target Hospitality’s ability to manage growth; Target
Hospitality’s ability to execute its business plan and meet its
projections; Target Hospitality’s ability to identify, consummate
and integrate acquisitions; rising costs adversely affecting Target
Hospitality’s profitability; potential litigation involving Target
Hospitality, and general economic and market conditions impacting
demand for Target Hospitality’s products and services, and in
particular economic and market conditions in the oil industry in
the markets in which Target Hospitality operates. None of Target
Hospitality, Target Lodging or Signor Lodging undertakes any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190315005526/en/
InvestorsNarinder SahaiTel: 832-702-8009Email: Narinder
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