An Apollo Global Management-backed consortium of investors is supporting a management-led buyout (MBO) of operational support and risk management services provider Constellis.
The consortium includes Jason DeYonker, chief executive officer of Constellis, president of the firm Dean Bosacki and certain other members of management.
It is expected that Forte Capital, Manhattan Partners and a group of existing co-investors will also be involved in the consortium.
Terms of the deal have not been 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 per cent 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," says 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."
