GTCR’s Cision Agrees To $2.4 Billion Reverse Merger

GTCR’s Cision Agrees To $2.4 Billion Reverse Merger

Cision has agreed to go public by merging with Capitol Acquisition Corp. III (NASDAQ: CLAC), a blank-check company led by Venturehouse Group CEO Mark Ein, in a deal that will give Cision an enterprise value of about $2.4 billion, a 10.5x multiple of projected 2017 EBITDA. GTCR has backed Cision, a provider of marketing and public relations services, since 2014; the Chicago-based firm will retain its majority stake upon completion of the transaction.

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The deal comes about nine months after GTCR and Cision completed a major add-on, acquiring press-release distribution hub PR Newswire for $841 million. It will be the third reverse merger conducted by Ein and Capitol Acquisition since 2009, following previous deals to take travel provider Lindblad Expeditions (NASDAQ: LIND) and real estate investment trust Two Harbors Investment (NYSE: TWO) onto the public markets.

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Value Bin Default RatesMichael Gelband’s Exodus Point launched in 2018 with $8.5 billion in assets. Expectations were high that the former Millennium Management executive would be able to take the skills he had learned at Izzy Englander’s hedge fund and replicate its performance, after a decade of running its fixed income business. The fund looks to be proving Read More

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