Constellis, based in Reston, VA announced on August 12 that it has entered into a binding agreement for a management-led buyout of Constellis by a consortium of investors. This consortium will be headed by affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”), and will include Jason DeYonker (chief executive officer of Constellis), Dean Bosacki (president of Constellis) and certain other members of management. It is expected that the consortium of investors also will include Forte Capital, Manhattan Partners and a group of existing co-investors. Terms of the deal were not disclosed.
The transaction is conditioned on customary regulatory reviews and approvals and is expected to close prior to the end of the third quarter. Holders of more than a majority of Constellis’s 9.750% Senior Secured Notes have committed to consent to a waiver of the change in control put provisions of such notes, which will allow them to remain outstanding after the transaction.
“This management-led buyout positions us for continued growth as we look to further diversify our service offering and expand into new markets and geographies,” said DeYonker. “Our current management team will remain unchanged and will continue to execute our strategic plan. This new partnership with an expanded group of well-respected sponsors will enable us to steepen our growth curve and broaden our strategic vision.”