Platinum Eagle Acquisition Corp. wrapped up its acquisition of Target Logistics Management LLC and RL Signor Holdings LLC for approximately $1.40 billion.
The parties said the merger forms the largest provider of specialty rental accommodations with catering and value-added hospitality services in the U.S.
Following the merger, Platinum Eagle changed its name to Target Hospitality Corp. The merged entity's common stock and public warrants will begin trading on the Nasdaq stock exchange on March 18 under the TH and THWWW tickers, respectively.
Target Logistics' management team will lead Target Hospitality in their respective roles, while Stephen Robertson will be the chairman. Gary Lindsay and Platinum Eagle CEO Jeff Sagansky will join Robertson on the board.
Robertson is co-founder of TDR Capital LLP, a private equity firm that owns Target Logistics parent Algeco, while Lindsay is a partner at TDR Capital.
Deutsche Bank Securities Inc. and BofA Merrill Lynch were the capital markets advisers and private placement agents to Platinum Eagle. Oppenheimer & Co. Inc. was the exclusive financial adviser on the transaction. Deutsche Bank was the general financial adviser to Platinum Eagle.
Winston & Strawn LLP served as legal adviser to Platinum Eagle, while Allen & Overy LLP was the legal adviser to Target Logistics and RL Signor.