Aramark’s $1.35 billion Financings for Recent Acquisitions

Simpson Thacher recently represented Aramark (NYSE: ARMK) in connection with debt financings used by Aramark to acquire Avendra, LLC for $1.35 billion and AmeriPride Services Inc. for $1.0 billion. Avendra is the leading hospitality procurement services provider in North America, managing nearly $5 billion in annual purchasing spend for over 650 companies at more than 8,500 locations, including over half of the top 30 hotel chains. AmeriPride is a leading uniform and linen rental and supply company in the U.S. and Canada, with annual revenue of approximately $600 million.

As part of the debt financing transactions, Aramark amended its credit facilities to provide for an incremental $1.785 billion term loan and issued $1.15 billion in new senior notes.

Aramark is a leading global provider of food, facilities and uniform services to education, healthcare, business & industry, and sports, leisure and corrections clients. The Company, led by Eric J Foss, Stephen P Bramlage Jr and Brian Pressler, in 2017 recorded $4.604 Billion Revenues.

The Simpson Thacher team included Joseph Kaufman (Picture) and Benjamin Heriaud (Capital Markets); Jennifer Hobbs, Eli Isak and Bassam Chain (Credit); Jonathan Cantor (Tax); and Jamin Koslowe (Executive Compensation and Employee Benefits).

 

Involved fees earner: Joseph Kaufman – Simpson Thacher & Bartlett; Benjamin Heriaud – Simpson Thacher & Bartlett; Jennifer Hobbs – Simpson Thacher & Bartlett; Eli Isak – Simpson Thacher & Bartlett; Bassam Chain – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Aramark Corporation;

 

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Author: Ambrogio Visconti