Previously announced business combination on
track to form Target Hospitality in first quarter 2019
Merger to create the U.S.’s largest provider of
specialty rental accommodation space combining most attractive
elements of premium catering and hospitality value-add services
Platinum Eagle Acquisition Corp. (Nasdaq:EAGL) (“Platinum
Eagle”), a publicly traded special purpose acquisition company and
Target Logistics Management, LLC (“Target Lodging”), the largest
provider of turnkey accommodations in the U.S., announced today
that Target Lodging’s President and Chief Executive Officer, Brad
Archer, Chief Financial Officer, Andy Aberdale and Chief Commercial
Officer, Troy Schrenk, will participate at the Credit Suisse
Industrials Conference in Palm Beach, Florida on Thursday, November
29, 2018.
Presentation materials will be available through the Investors
section of Target Lodging’s website at www.targetlodging.com.
As previously announced on November 13, 2018, Platinum Eagle and
Target Lodging, along with RL Signor Holdings, LLC (“Signor
Lodging”) entered into definitive merger agreements for a business
combination (the “business combination”) to create the largest
provider of specialty rental accommodations with premium catering
and value-add hospitality services in the U.S. The combined company
will be well-positioned to capitalize on strong demand drivers for
fully-integrated accommodation, hospitality and culinary solutions
across a range of geographic and sector end markets. The combined
company will be poised to benefit from increased scale and density
in served markets, enhanced vertically-integrated solutions for
customers, greater financial strength, and expanded value-creation
opportunities. The combined company will be led by Target Lodging’s
highly experienced management team, including President and Chief
Executive Officer Brad Archer, Chief Financial Officer Andy
Aberdale and Chief Commercial Officer Troy Schrenk, who are
expected to continue to serve in their respective roles.
Upon the expected closing of the proposed transactions in the
first quarter of 2019, Target Lodging and Signor Lodging will
become wholly-owned subsidiaries of Platinum Eagle, which intends
to change its name to Target Hospitality Corp. (“Target
Hospitality”) and remain Nasdaq-listed under a new ticker
symbol.
Additional Information about the Transaction and Where to
Find It
In connection with the proposed business combination, Platinum
Eagle has filed a registration statement on Form S-4 (the
"Registration Statement") with the SEC, which will include a proxy
statement/prospectus, that will be both the proxy statement to be
distributed to holders of Platinum Eagle's ordinary shares in
connection with Platinum Eagle's solicitation of proxies for the
vote by Platinum Eagle's shareholders with respect to the business
combination and other matters as may be described in the
Registration Statement, as well as the prospectus relating to the
offer and sale of the securities to be issued in the business
combination. After the Registration Statement is declared
effective, Platinum Eagle will mail a definitive proxy
statement/prospectus and other relevant documents to its
shareholders. Platinum Eagle's shareholders and other interested
persons are advised to read, when available, the preliminary proxy
statement/prospectus included in the Registration Statement and the
amendments thereto and the definitive proxy statement/prospectus,
as these materials will contain important information about Target
Lodging, Signor Lodging, Platinum Eagle and the business
combination. The definitive proxy statement/prospectus will be
mailed to shareholders of Platinum Eagle as of a record date to be
established for voting on the business combination. Shareholders
will also be able to obtain copies of the proxy
statement/prospectus and other documents filed with the SEC that
will be incorporated by reference in the proxy
statement/prospectus, without charge, once available, at the SEC's
web site at www.sec.gov, or by directing a request to: Platinum
Eagle Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los
Angeles, California, Attention: Eli Baker, President, Chief
Financial Officer and Secretary, (310) 209-7280.
Participants in the Solicitation
Platinum Eagle and its directors and executive officers may be
deemed participants in the solicitation of proxies from Platinum
Eagle's shareholders with respect to the business combination. A
list of the names of those directors and executive officers and a
description of their interests in Platinum Eagle is contained in
the Platinum Eagle’s registration statement on Form S-1, which was
filed with the SEC and is available free of charge at the SEC's web
site at www.sec.gov, or by directing a request to Platinum Eagle
Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los
Angeles, California, Attention: Eli Baker, President, Chief
Financial Officer and Secretary, (310) 209-7280. Additional
information regarding the interests of such participants are
contained in the proxy statement/prospectus for the business
combination.
Each of Target Lodging and Signor Lodging and its directors and
executive officers may also be deemed to be participants in the
solicitation of proxies from the shareholders of Platinum Eagle in
connection with the business combination. A list of the names of
such directors and executive officers and information regarding
their interests in the business combination are contained in the
proxy statement/prospectus for the business combination.
About Platinum Eagle Acquisition Corp.
Platinum Eagle was formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses.
Platinum Eagle raised $325 million in its initial public offering
and began trading on Nasdaq in January 2018. Its Class A ordinary
shares, units and warrants trade under the ticker symbols EAGL,
EAGLU and EAGLW, respectively.
About Target Lodging
Founded in 1978, Target Lodging is the largest vertically
integrated specialty rental and hospitality services company in the
United States. The company is principally focused
on building, owning and operating housing
communities across several end markets, including oil, gas,
energy infrastructure and government. Target Lodging provides
cost-effective and customized specialty rental accommodations,
culinary services, and hospitality solutions, including site
design, construction, operations, security, housekeeping, catering,
concierge services, and health and recreation facilities as part of
its integrated housing and hospitality
communities. Target Lodging was named by Inc. magazine in 2012
and 2013 as one of “America’s Fastest Growing Private
Companies.” Target Lodging has been an Algeco company since
2013.
About Signor Lodging
Signor Lodging, founded in 1990, specializes in superior remote
workforce housing serving oil and gas customers throughout the
Permian and Eagle Ford Basins. Signor Lodging operates nine
properties across West Texas, Southeast New Mexico and
Oklahoma.
Forward-Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Platinum Eagle's, Target Lodging’s or Signor
Lodging’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include the inability to complete the business
combination (including due to the failure to receive required
shareholder approvals, or the failure of other closing conditions);
the inability to recognize the anticipated benefits of the proposed
business combination; the inability to meet Nasdaq listing
standards; costs related to the business combination; Target
Hospitality’s ability to manage growth; Target Hospitality’s
ability to execute its business plan and meet its projections;
Target Hospitality’s ability to identify, consummate and integrate
acquisitions; rising costs adversely affecting Target Hospitality’s
profitability; potential litigation involving Platinum Eagle,
Target Lodging, Signor Lodging, or after the closing, Target
Hospitality, and general economic and market conditions impacting
demand for Target Lodging’s products and services, and in
particular economic and market conditions in the oil industry in
the markets in which Target Hospitality operates. None of Platinum
Eagle, Target Lodging or Signor Lodging undertakes any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181128005867/en/
ICR for Platinum EagleInvestorsRodny Nacier,
646-677-1237Rodny.Nacier@icrinc.comMediaJason Chudoba,
646-677-1249Jason.Chudoba@icrinc.comorElyse Gentile,
646-677-1823Elyse.Gentile@icrinc.com
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