Business
Advantage Solutions Announces $100 Million Share Repurchase Authorization
IRVINE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (the “Company” or “Advantage”) today announced that its Board of
About this update from Advantage Solutions Inc.
[{"type":"text","content":"IRVINE, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (the “Company” or “Advantage”) today announced that its Board of Directors authorized an open-ended share repurchase program of up to $100 Million of the Company’s Class A common stock. Subject to prevailing market conditions, relevant securities laws and other considerations described further below, the Company intends to repurchase, in the open market or in other means, the Company’s Class A common stock. This share repurchase does not have an expiration date, but provides for suspension or discontinuation at any time. This program will allow Advantage to be opportunistic in allocating capital to repurchase shares of its Class A common stock when management determines, at its discretion, two conditions are met: Advantage shares are trading at a meaningful discount to the Company’s conservative estimate of intrinsic value; andthe returns from repurchasing shares compare favorably to the Company’s other options for capital deployment, including its expected high return M&A program and debt de-leveraging. Advantage CEO Tanya Domier noted, “As long-term stewards and owners, we are excited to have the flexibility to invest opportunistically in the asset we know best – our own stock.” Dan Riff, Chief Investor Relations and Strategy Officer added, “With my investor hat on, I believe ADV’s share price is meaningfully disconnected from our expected healthy free cash flow growth, attractive returns on capital, and solid post-COVID outlook from here.” About Advantage SolutionsAdvantage Solutions is a leading business solutions provider committed to driving growth for consumer goods manufacturers and retailers through winning insights and execution. Advantage’s data and technology-enabled omnichannel solutions — including sales, retail merchandising, business intelligence, digital commerce and a full suite of marketing services — help brands and retailers across a broad range of channels drive consumer demand, increase sales and achieve operating efficiencies. Headquartered in Irvine, California, Advantage has offices throughout North America and strategic investments in select markets throughout Africa, Asia, Australia and Europe through which it services the global needs of multinational, regional and local manufacturers. For more information, pleas...