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syncreon Successfully Completes Recapitalization; Reduces Funded Debt and Secures Approximately $250 Million in New Capital
Auburn Hills, Michigan – October 1, 2019 – syncreon Group B.V. (together with its subsidiaries, “syncreon” or the “Company”) announced that effective today the Company has successfully completed its recapitalization, through which syncreon substantially reduced its debt balance, reduced its annual interest expense thereby improving free cash flow, and increased its liquidity through a new approximately $250 million new capital raise.
Brian Enright, syncreon’s Chief Executive Officer, said “Today marks the completion of a recapitalization that positions the Company for long-term success.” Enright continued, “With this new foundation and financial flexibility, we expect to continue to grow, strengthen our business, and provide our customers and partners with the first-class service that is the bedrock of our Company. syncreon is thankful for the continued support of our many stakeholders, especially our customers and employees worldwide. Their support has been integral to the successful outcome of this process.”
PJT Partners LP served as investment banker and AlixPartners, LLP served as financial advisor to the Company in connection with the transaction. Weil, Gotshal & Manges LLP served as legal counsel to the Company.
About the Company
syncreon is the leading specialized contract logistics company consistently recognized for its operational excellence, and customer integration. With locations worldwide, syncreon optimizes its customers’ supply chains, providing tailored, innovative, and scalable solutions which reduce costs and improve performance.
Forward-Looking Statements
This release contains certain statements that are “forward-looking statements.” Certain of these forward-looking statements can be identified by the use of forward-looking words such as “may,” “will,” “would,” “could,” “expect,” “intend,” “plan,” “aim,” “estimate,” “target,” “project,” “anticipate,” “believe,” “continue,” “objectives,” “outlook,” “guidance,” or other similar words or expressions and include statements regarding the Company’s plans, strategies, objectives, targets and projected financial performance. Such forward-looking statements are based on the Company’s current beliefs, intentions and expectations and involve known and unknown risks, uncertainties and other important factors, and actual results, performance, or achievements could differ materially from future results, performance, or achievements expressed in these forward-looking statements. Such statements include, but are not limited to, statements relating to the restructuring process, descriptions of management’s strategy, plans, objectives, expectations, or intentions and descriptions of assumptions underlying any of the above matters and other statements that are not historical fact. The above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond the Company’s control. New factors, risks and uncertainties emerge from time to time, and it is not possible for management to predict all such factors, risks and uncertainties. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore any of these statements may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the Company’s objectives and plans will be achieved. These forward-looking statements speak only as of the date such statements were made or any earlier date indicated, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in underlying assumptions or otherwise. If the Company were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that the Company would make additional updates or corrections thereafter.
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