Ardian’s $195 Million Acquistion of PRGX


Sheppard Mullin advised Ardian’s North America Direct Buyouts team on the deal.

PRGX Global, Inc. (Nasdaq: PRGX), a global leader in recovery audit and spend analytics services, and Ardian, a world-leading private investment house, announced that they have entered into a definitive agreement for Ardian to acquire PRGX. The transaction is led by Ardian’s North America Direct Buyouts team.

Under the terms of the agreement, Ardian will pay PRGX shareholders $7.71 per share in cash for each share of PRGX’s common stock they hold, which represents a 32.7% premium to the PRGX volume-weighted average price for the 90 trading days preceding the public announcement of the transaction with Ardian. The all-cash transaction, subject to completion, is valued at approximately $195 million. The members of the PRGX Board of Directors are unanimously in favor of the transaction, which was approved at a special meeting of the Board. Upon closing, PRGX will operate as a privately held company.

PRGX is the world’s largest Accounts Payable and Merchandise Recovery Audit firm, serving clients in more than 30 countries in North and South America, Europe, Asia and Oceania. PRGX provides technology-enabled source-to-pay solutions to clients across industries including retail, grocery, consumer packaged goods, manufacturing, pharmaceuticals, and oil and gas, among others.

The Sheppard Mullin deal team advising Ardian was led by partners Andrew Felner (Picture) and John Tishler and included Daniel Belzer, Richard Hevier, David Rostowsky, Jim Ritter, Joseph Rebello, Judith Fiorini, Evan Williams and Dmitry Chelnitsky.

Involved fees earner: Daniel Belzer – Sheppard Mullin; Dmitriy Chelnitsky – Sheppard Mullin; Andrew Felner – Sheppard Mullin; Judith Fiorini – Sheppard Mullin; Richard Hevier – Sheppard Mullin; James Ritter – Sheppard Mullin; David Rostowsky – Sheppard Mullin; John Tishler – Sheppard Mullin; Evan Williams – Sheppard Mullin;

Law Firms: Sheppard Mullin;

Clients: Ardian;

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Author: Ambrogio Visconti