The Firm is representing Aramark (NYSE: ARMK) in connection with its proposed acquisition of Avendra, LLC for a purchase price of $1.35 billion in cash. The transaction is expected to close by the end of calendar year 2017, subject to customary closing conditions and regulatory approvals.
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. Avendra was founded in 2001 by Marriott, Hyatt, Fairmont Hotels, ClubCorp and IHG.
Aramark is a leading global provider of food, facilities and uniform services to companies, sports teams, healthcare providers, educational institutions, destinations and municipalities in 19 countries around the world. Aramark is headquartered in Philadelphia and has approximately 270,000 employees, serving millions of consumers including students, patients, employees, sports fans and guests.
The Simpson Thacher team includes Mario Ponce, Jakob Rendtorff and M. Faye Shin (M&A); Jennifer Hobbs, Eli Isak, Bassam Chain and Nick Brown (Banking and Credit); Joe Kaufman (Capital Markets); Gary Mandel and Drew Purcell (Tax); Jamin Koslowe, Alisa Tschorke and Jake Phillips (Executive Compensation and Employee Benefits); Peter Guryan, Ellen Frye and Daniel Owsley (Antitrust); Lori Lesser and Kate Stein (IP); and Adeeb Fadil and Noreen Lavan (Environmental).